A subsidiary of multinational pharmaceutical giant Teva Pharmaceuticals signed a deal with Israeli medical marijuana company Canndoc to distribute its products to pharma customers including pharmacies and hospitals.
While the deal is not exclusively for product in Israel, it will start there and move to other countries once it becomes logistically legal to do so, a Canndoc release distributed on Friday.
Israel’s medical marijuana market has roughly 46,000 patients.
Teva’s Israeli subsidiary Salomon, Levin, Elstein, or SLE, agreed to work with Canndoc, whose chairman is former Israeli Prime Minister Ehud Barak.
The initial agreement will span for three years and can be extended in two-year periods after that.
News of the transaction was first reported by Forbes.
Teva, based in Israel, trades on the New York Exchange under the ticker TEVA.
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Written by Nick Thomas
Marijuana Business Daily