Celadon Pharmaceuticals Plc announced that it has entered into a new contract for the commercial sale of its cannabis product with a second UK pharmaceutical company customer that the Company anticipates could generate up to £1.2 million in revenue. The Company anticipates that the first shipment will be made in fourth quarter of 2023. The contract will run over a three year term, with both parties retaining the option to extend for a further two years subject to mutual agreement.

In May 2023 Celadon signed its inaugural supply contract with a leading UK medicinal cannabis company. Under the terms of that contract, the company will supply a minimum of £3 million worth of product over the next three years. Both contract wins underscore demand for domestic product in the UK and further confirm the Company's belief that UK production has a significant advantage over imported product, which can suffer from a plethora of regulatory and logistical challenges.

The Company continues to receive further expressions of interest in the supply of its pharmaceutical-grade cannabis product, and is currently in discussions to convert these into commercial contracts. With Phase 1 of the facility now fully contracted, the Directors have growing confidence in continuing to expand the production capacity of the site.