Medical cannabis company Cannabit-Tikun Olam is partnering with pharmaceutical firm Teva Israel to produce cannabis products that will be distributed in Israel, Palestine, and eventually Ukraine. Teva said the products will be produced according to the company’s “instructions and stringent standards” under the 10-year collaboration.
Yossi Ofek, CEO of Teva, said Israel’s medical cannabis market is “developing and being professionalized at a dizzying pace” and “there is more openness to it in Israel and worldwide.”
“Today, it is clear to many in the pharmaceutical industry and in the medical community that use of oils produced from specific cannabis strains may provide additional treatment options and respond to unmet medical needs of patients.” — Ofek in a press release
Cannabit-Tikun Olam General Manager Avinoam Sapir has previously served as Teva Israel CEO from 2013 and later as cluster head for Africa, the Middle East, and Ukraine, through 2020.
“I believe that this is one of the most important agreements concluded in the industry in recent years in Israel and that it will position Cannbit-Tikun Olam and Teva Israel as leading players in the ever-growing and developing medical cannabis market in Israel and beyond,” he said in a statement.
The oils produced as part of the collaboration are based on strains developed by Cannbit-Tikun Olam and selected by Teva due to their safety profile and strong therapeutic efficacy, the companies said.
The deal includes a provision allowing a 9-year extension to the partnership.
Earlier this year, Tikun Olam announced a partnership with Ambrosia-SupHerb to produce and market nutritional supplements based on cannabis and mushrooms.
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