Israeli company Tikun Olam announced that it had signed a cooperation agreement with British company ITH
According to the agreement, ITH plans to purchase approximately 1 ton of cannabis oil from the company per year, in bi-monthly doses. This agreement will most likely take place from December 2020. The Israeli company Tikun Olam CannBit Pharmaceuticals announced on Wednesday that it had signed a memorandum of understanding for cooperation with UK company ITH Pharmaceuticals, for the supply of CBD oil and other medical cannabis products to the UK.
In addition, Tikun Olam Cannbit will sell to ITH the formulas of a range of different oils and flowers rich in THC and CBD. And thus bring it to the emerging medical cannabis market in the UK. Finally, subject to the removal of regulatory restrictions applicable to the parties in matters of export and import and other conditions which will be set out in the agreement. The companies will work together to create a joint venture that will market and manufacture medicinal cannabis products in the UK.
This advert is an extension of Tikun Olam CannBit's expansion plans in Europe. Which was announced at the end of May 2020, with the announcement of a binding supply agreement with Fette Pharma for the German, Austrian and Swiss markets. in a market of over 100 million Israeli shekel. Avinoam Sapir, CEO of Tikun Olam-CannBit, said, “ITH is a professional and experienced company, based on pharmacy and science, so we believe that our synergy with it is fair and we hope that the cooperation between us will lead to excellent business results for both parties ”.
In addition, Mr. Sapir thanked the Ministry of Health for its recent decision to allow the export of medical cannabis under certain conditions, saying: “There is no doubt that the decision announced by the Ministry of Health d 'Opening up the Israeli export market has also given us a boost and opened up new opportunities for us, and this is one of them.
ITH is engaged in the development, sale, marketing and distribution of medical products in the UK. Considered as a leading company in the supply of injectable drugs and pharmaceutical preparations under various medical labels. It is also a major supplier to the NHS (National Health Care Service) and a number of leading hospitals in the UK.