OrganiGram Inc, a subsidiary of OrganiGram Holdings Inc (NASDAQ:OGI), entered a pact to provide high quality dried cannabis flowers to Canndoc Ltd, a subsidiary of InterCure Ltd (OTCMKTS:IRCLF).
Organigram to supply 3,000 kgs of dried flower
As per the terms of the multi-year deal, Organigram agreed to ensure a guaranteed supply of 3,000 kg of dried cannabis flower to Canndoc on or before December 31, 2021. Canndoc will process cannabis flowers and distribute the products to satisfy the demand for medical use in Israel. The company will also have an option to procure an additional 3,000 kg of flowers from Organigram.
Pricing of the flower depends on product mix and potency
Organigram will receive payment for dried flowers based on the product mix and potency. The company will also have an option to introduce its branded products in the EU and Israel markets under this agreement with Canndoc for 7.5 years. However, the product launch is subject to the Ministry of Health’s approval in Israel, Health Canada, and other relevant regulatory frameworks.
CEO of Organigram, Greg Engel, said it is necessary to find world-class and strong partners to achieve success in the global cannabis markets. He said Canndoc is an ideal partner who can produce high-quality products and serve the patients across the world.
The ongoing clinical research in cannabis and the introduction of innovative products helped Israel become a global leader. Medical use of cannabis is already legalized in Israel in 1973. However, the Israel government approved export of medical use of cannabis products in January 2019. Canndoc is expanding its wings in the domestic market to cash in on this niche. It is also eyeing export opportunities to boost earnings.
Chairman of Canndoc, Ehud Barak, said the company is proud and pleased to work with Organigram to serve patients with better treatment options and improve their quality of life. The company also targets to help patients in other nations with high-quality medical cannabis products.
Engel said the alliance with Canndoc helps the company serve patients in major international markets. The company already supplies medical cannabis to the Australian market.
Business intelligence from Akerna Corp (NASDAQ:KERN) Says Liquor Sales are Up 10% Year-over-Year
Post Views: 338 Liquor sales are up 10% year-over-year according to business intelligence from Akerna Corp (NASDAQ:KERN). Red wine took...
Pyxis Tankers Inc. (NASDAQ:PXS) Announce Q1 2020 Financial Results Amid COVID-19 Uncertainties
Post Views: 179 Pyxis tankers Inc. (NASDAQ:PXS) has announced its unaudited financial results for the quarter that ended March 31,...
Innovative Industrial Properties Inc (NYSE:IIPR) Enters Into a Lease Amendment Agreement with Green Leaf
Post Views: 197 With pot being legalized in many countries, the market is likely to get even bigger. As a...
Liberty Leaf Holdings Ltd (OTCMKTS:LIBFD) Takes Over Nova Mentis Biotech Corp And Add Synergies To Its Cannabis Assets In The Wellness And Health Sector
Post Views: 203 Liberty Leaf Holdings Ltd (OTCMKTS:LIBFD) gained access to the psilocybin by acquiring Nova Mentis Biotech Corp. The...
Aleafia Health Inc (OTCMKTS:ALEAF) Begins Cultivation At Its Entire Niagara Facility And Provides Consistent Supplies for Health: Settles Disputes With Aphria
Post Views: 321 Aleafia Health Inc (OTCMKTS:ALEAF) will commence cultivation operations at its whole Niagara facility. It obtained a license...
Pure Capital Calls For Shareholders Meeting of Therapix Biosciences Ltd (NASDAQ:TRPX): Demands For Dismissal Of Board Members
Post Views: 253 Pure Capital called for an emergency meeting of investors of Therapix Biosciences Ltd (NASDAQ:TRPX) to discuss actions...