Teva enters Israel's cannabis market

Teva Photo: Sivan Faraj

Teva's Israeli logistics unit S.L.E. has signed an agreement to distribute Canndoc's medical cannabis products in Israel.

Teva Pharmaceutical Industries Ltd. (NYSE: TEVA; TASE: TEVA) Israeli distribution unit Salomon, Levin, Elstein (S.L.E) has entered into a strategic distribution agreement with Israeli medical cannabis producer InterCure (TASE: INCR) unit Canndoc. The agreement is for three years with a two-year extension option.

Under terms of the agreement, S.L.E will distribute Canndoc's GMP certified medical cannabis products to pharma clients, including hospitals, health funds, and all pharmacies in Israel, including pharmacy chains. In the future, as regulatory approvals allow, S.L.E. will provide logistics capability for exporting Canndoc's products to countries that support regulations for the sale and distribution of cannabis products for medical use.

S.L.E. provides health logistics services and distributes products from dozens of local and international companies throughout Israel. Teva's S.L.E. is licensed by the Israeli Ministry of Health, and also holds a GDP distribution license.

Canndoc chairman Ehud Barak said, "Our agreement with S.L.E., Israel's leading company in distributing medical products, creates a complete supporting platform for supplying Canndoc's GMP products to any location in Israel and for countries with similar regulations. Through its S.L.E partnership, Canndoc has aligned itself with one of the most prominent pharmaceutical companies in the world, for the distribution of cannabis-based medical treatments to countries that recognize the value of these medicines for people in need."

S.L.E CEO Aviad Bossi said, "The agreement brings together our well-established pharmaceutical distribution network with Canndoc's high quality medical cannabis industry presence and market leadership. Beyond the operations in Israel, this agreement will provide Canndoc significant logistical capabilities that can support Canndoc's exporting operations from Israel."

Published by Globes, Israel business news - en.globes.co.il - on September 17, 2019

© Copyright of Globes Publisher Itonut (1983) Ltd. 2019

Teva Photo: Sivan Faraj
Teva Photo: Sivan Faraj
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