Israel Strikes Import-Export Medical Cannabis Deal

Israeli company InterCure announced that its subsidiary Canndoc has signed a strategic cooperation deal with Canadian company Tilray for the import and export of medical cannabis. Canndoc has the possibility to import 2.5 tons of high quality cannabis from Tilray’s facilities in Portugal, with a first shipment of 250 kilograms already en route to Israel.

The cannabis will be sold as a finished product in Israeli pharmacies and will be the first commercially imported medical cannabis in Israel. According to Reuters, the Israeli company will also export up to 5 tons of cannabis for use in products marketed by Tilray, provided Canndoc receives an export license.

Notably, Canndoc is looking at a supply about 1.5 tonnes by the end of the second quarter. “The joint operations allow the two companies to offer a variety of high quality products to patients in Israel and, in the near future, to the world,” said Canndoc President Ehud Barak, former Israeli Prime Minister. As of now, the Israeli medical cannabis market is expected to reach 100,000 patients by the end of 2020.

Meanwhile Israeli Prime Minister Benjamin Netanyahu said in late February that his government is exploring the legalization of cannabis for recreational use, following a similar model to the Canadian one. Justice Minister Amir Ohana “has begun work on the issue, and will lead a committee that includes professionals and Oren Leibovich, chairman of the Green Leaf Party, who will investigate the import of the Canadian model for regulating a legal market in Israel,” Netanyahu tweeted.

Source: Reuters