Posted on 12/28/21
| News Source: i24
Medical cannabis will be distributed in Israel, the Palestinian Territories and soon in Ukraine
Israel-based Teva Pharmaceutical Industries, one of the world's largest generic drug manufacturers, announced on Sunday that it has signed an agreement with Cannbit-Tikun Olam, Israel's leading supplier of medical cannabis.
Together, the two companies will market and distribute medical cannabis products in Israel, the Palestinian Territories and very soon in Ukraine as well.
According to the agreement, Cannbit-Tikun Olam will produce cannabis oils rich in THC , the main active ingredient in all cannabis products, and CBD, another active ingredient found in the cannabis plant, devoid of psychoactive compounds and often used in natural remedies.
The oils will then be selected by Teva which will market them under a new common brand.
The oils will be produced to "the highest and most exacting standards," the two companies said upon the announcement of the new partnership.
Teva Israel and Cannbit-Tikun Olam have said they want to start a ten-year collaboration first, with the option of extending it for another nine years.
Asked Sunday by the daily Times of Israel, the general manager of Cannbit-Tikun Olam Avinoam Sapir, also the former president of Teva Israel from 2013 to 2020, described the agreement as "huge."
"Our agreement shows that Teva believes in building a medical cannabis industry in Israel," he concluded.