Together associate wins medical cannabis license in Germany

Cannabis

The license is for importing, producing and distributing medical cannabis in Germany.

Together (TASE: TGDR), which specializes in cultivating and producing medical cannabis, has announced that the German company with which it signed a binding memorandum of understanding to acquire control of it, has received a wholesale commercial license for medications from Germany's Federal Ministry of Health.

The license allows the German company to import, produce and distribute narcotic treatments including medical cannabis, so that when acquisition of control in the German company is completed, Together will be allowed to import and distribute medical cannabis products in Germany from other international enterprises. As Germany is one of the main and largest markets in the medical cannabis market, Together believes that acquiring control of the German company will provide it with a major advantage over its rivals around the world, position it alongside the world's leading producers and suppliers of medical cannabis, and help fulfill its strategy of creating revenue and profits from several countries worldwide. According to the German company's declarations, it has reached a distribution agreement with a pharmacy chain, which owns more than 100 pharmacies in Germany.

Together CEO Nissim Bracha said, "Receipt of the license by the German company marks an important milestone for Together because with completion of acquisition of control in it, we will immediately be able to begin commercial operations in Europe. In addition to the license for trading in medical cannabis in Germany, we expect that immediately after signing the agreement to acquire control, we will work to import to Germany medical cannabis products from international enterprises, which we will sell and consolidate a significant foothold of operations that can operate throughout Europe."

The company's share price was up 4.58% in early afternoon trading on the TASE.

Published by Globes, Israel business news - en.globes.co.il - on November 6, 2018

© Copyright of Globes Publisher Itonut (1983) Ltd. 2018

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