Teva Israel and Israeli medical cannabis firm Cannbit-Tikun Olam Pharmaceuticals announced on Sunday that they have signed a mutual collaboration agreement, which will see Tikkun Olam-Cannbit produce several medical cannabis products for Teva Israel.
The products will be administered as oils rich in THC and CBD, the companies said.
Teva Israel said that Cannbit-Tikun Olam Pharmaceuticals will extract the THC and CBD oils from researched Cannbit’s strains, in accordance with Teva guidelines and strict standards. The products will be marketed by Teva Israel to patients throughout the country, including the Palestinian Authority.
“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,” said Yossi Ofek, CEO of Teva Israel, “Today, it is clear to many in the pharmaceutical industry and in the medical community that use of oils produced from specific cannabis strains may provide additional treatment options and respond to unaddressed medical needs of patients. We decided to join forces with Cannbit-Tikun Olam following an in-depth and lengthy review of all the players in the market in Israel, and I have no doubt that the medical cannabis oils Cannbit-Tikun Olam produces – according to Teva’s high quality and safety standards – will help us realize our goal of improving the lives of patients.”
“I believe that this is one of the most important agreements concluded in the industry in recent years in Israel and that it will position Cannbit-Tikun Olam and Teva Israel as leading players in the ever-growing and developing medical cannabis market in Israel and worldwide. I am glad to return and cooperate with one of the leading players in the pharma industry, and to penetrate later – if the regulatory environment allows it – also to Ukraine, where Teva is a market leader,” added Avinoam Sapir, general manager of Cannbit-Tikun Olam.
According to the agreement, the companies will collaborate for 10 years, with an option to extend the agreement for another nine years, if Teva Israel receives all the required regulatory approvals.