Univo medical cannabis approved for pharmacy sales

Golan Bitton

Univo has been awarded IMC-GMP and IMC-GDP standards for its production and marketing operations, from Israeli Ministry of Health’s Medical Cannabis Agency.

Univo (TASE: UNVO) reports that its medical cannabis manufacturing plant has received IMC-GMP and IMC-GDP approval under new Ministry of Health regulations. The company also owns a medical cannabis farm that is currently being built.

With IMC-GMP and IMC-GDP approval, the company can now commence sales of its product and stock can be expected in Israeli pharmacies in the coming days, allowing Univo to fulfil its signed agreements for the supply of medical cannabis to patients in the country. Univo will also purchase medical cannabis from a farm, and manufacture medical cannabis products under the new regulation, including oils, extracts and inflorescences in technologies developed by the company, on a fully commercial basis.

Univo CEO Golan Bitton said, "Medical cannabis patients in Israel will very soon be able to buy GMP-standard cannabis in premium quality Univo products in pharmacies. We have now moved on to full commercial operations, including the purchase of cannabis and manufacturing GMP-standard products under the new regulation. With our products pending on pharmacy shelves, we anticipate generating revenue before the end of calendar year 2019. With an annual production capacity of 18 tons of medical cannabis, which we can double without needing to expand our facility, Univo is currently positioned at the forefront of Israel's emerging cannabis industry."

He added, "We will cultivate the cannabis we need for our production at Amit Farm, which we own, and which is currently in advanced stages of construction. Our objective has always been to own the whole process from the seed stage through to cultivation, and from production and marketing through to bringing the product to pharmacies. The company will therefore have full control of the value chain, giving us a major advantage in the market as well as end-to-end control over the quantity and quality of our product."

"In addition to our operations in Israel, we are looking at overseas markets, and preparing to export cannabis when possible. To this end, we are preparing ourselves to meet the EU standard so that we can offer customers abroad EU-GMP standard products and supply products to overseas customers with whom we have signed sales and distribution contracts."

In April 2019, Univo completed construction of its 750 square meter facility in Ashkelon and says that it is currently the only company in Israel that holds all licenses across the value chain, under the new regulations. The company also has an active R&D center and has signed an agreement for developing unique formulae for the Veoli cannabis oil inhaler.

Published by Globes, Israel business news - en.globes.co.il - on October 29, 2019

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

Golan Bitton
Golan Bitton
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