Cannbit-Tikun Olam will produce various medical cannabis products for Teva Israel, a marketing arm of Teva Pharmaceuticals (NYSE: TEVA). What Happened The Tel Aviv, Israel-based cannabis company confirmed Monday it has signed a collaboration agreement with Teva, under which it will manufacture THC and CBD-rich oils for Teva. Why It Matters Under the deal, the products will be exclusively marketed and distributed by Teva in Israel and the Palestinian Authority. The oils are based on strains developed by Cannbit-Tikun Olam and selected exclusively by Teva due to their safety profile and strong therapeutic efficacy. What’s Next In the future, and to the extent possible, the cannabis oils will also be marketed by Teva in Ukraine, where the government is currently developing regulations. Under the agreement and subject to various regulatory approvals, the companies will collaborate for the extended period of 10 years, which they will also be able to extend by another nine years. “The medical cannabis arena is developing and being professionalized at a dizzying pace in Israel, and there is more openness to it in Israel and worldwide,” Yossi Ofek, CEO of Teva Israel stated.
Mmp News Author, Medical Marijuana Program Connection, 12/27/2021 11:03:00