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Agreement with Israeli medical cannabis leader is one of Charlotte's Web's largest international collaborations
BOULDER, Colo. and HERZLIYA, Israel, Dec. 9, 2020 /CNW/ - (TSX: CWEB) (OTCQX: CWBHF) Charlotte's Web Holdings, Inc. ("Charlotte's Web" or the "Company"), the market leader in hemp CBD extract products, announces that its wholly-owned subsidiary Charlotte's Web, Inc. has signed an exclusive distribution agreement (the "Agreement") in Israel with Israel-based InterCure Ltd. (TASE: INCR), which owns one of Israel's largest and most established medical cannabis producers, Canndoc Ltd. ("Canndoc").
Canndoc has been a pioneer in pharmaceutical-grade cannabis for more than 13 years. Its GMP-approved medical cannabis products are sold in pharmacies in Israel, and it holds international cultivation and distribution agreements in the European Union.
Selected Charlotte's Web hemp extract wellness products will be available to the Israeli public through Canndoc or another subsidiary of InterCure. Charlotte's Web and InterCure also are considering future distribution agreements in certain European countries. The two companies will also explore opportunities such as clinical trials, product development and manufacturing in Israel.
Founded in 2008, Canndoc is an IMCA (Israeli Medical Cannabis Agency) permit holder for the manufacturing of medical cannabis in Israel. Canndoc has provided medical cannabis for more than 40,000 patients, establishing its position as a venerable player in this global industry, demonstrating significant expertise across the entire value chain from research, cultivation, and processing, to product development and advanced GMP clinical trials pipeline initiation.
"Partnering with regional leaders, such as Canndoc, aligns with Charlotte's Web's strategy to leverage established expertise within international markets," said Deanie Elsner, CEO of Charlotte's Web. "We have been seeking to partner with a leading Israeli company to tap into the deep knowledge and innovation Israel has established in cannabinoid science. We are optimistic that the Israeli government will soon pass the legislation and regulations which will support our international initiatives with Canndoc."
The sale of CBD is reportedly on the verge of being legalized in Israel. The two companies have agreed to cooperate in order to supply the Israeli market, once that occurs, with the highest quality and most trusted CBD wellness products in the world.
As a result of this Agreement, InterCure will become one of Charlotte's Web's leading strategic allies outside of North America.
"The cooperation between Canndoc, a leading Israeli pioneer with 13 years of excellence in research, development and production, and Charlotte's Web, the world's most trusted brand of CBD hemp extract products, is a significant breakthrough for both Canndoc and the entire Israeli market," said Ehud Barak, InterCure's Chairman and former Israeli Prime Minister. "As governments are recognizing the health benefits of cannabinoid rich products and new regulations are being put in place, this alliance enables the two companies to offer a broad range of trusted products for the benefit of consumers. This Agreement is an important milestone in Canndoc's growth strategy and positions it in the forefront of the industry."
About InterCure and Canndoc
InterCure (TASE: INCR) is the first public company on the Tel Aviv Stock Exchange to hold a valid and permanent license for the medical cannabis value chain through its 100% ownership in Canndoc. Canndoc is a GMP medical cannabis producer. Licensed by the Israeli Ministry of Health since 2008, Canndoc is a leading pioneer in the research, cultivation, production, and distribution of pharma-grade cannabis-based products to patients, hospitals, pharmacies, research and governmental organizations.
Through its strategic exclusive collaboration with world leaders, distribution agreement with SLE (100% owned by Teva Pharmaceutical Industry) and long-term sales agreements, Canndoc is well-positioned as a leading and significant player in pharma-grade medical cannabis in Israel, Europe and the United Kingdom.
For more information: http://www.canndoc-pharma.com
About Charlotte's Web Holdings, Inc.
Charlotte's Web Holdings, Inc., a Certified B Corporation headquartered in Boulder, Colorado, is the market leader in the production and distribution of innovative hemp-derived cannabidiol ("CBD") wellness products under a family of brands which includes Charlotte's Web™, CBD Medic™, CBD Clinic™, and Harmony Hemp. The Company's premium quality products start with proprietary hemp genetics that are 100-percent American farm grown and manufactured into whole-plant hemp extracts containing a full spectrum of naturally occurring phytocannabinoids including CBD, CBC, CBG, terpenes, flavonoids and other beneficial hemp compounds. Charlotte's Web product categories include CBD oil tinctures (liquid products), CBD gummies (sleep, stress, inflammation recovery), CBD capsules,CBD topical creams and lotions, as well as CBD pet products for dogs. Charlotte's Web is the number one CBD brand in the USA and distributed through more than 22,000 retail locations, select distributors and online through the Company's website at www.CharlottesWeb.com.
Charlotte's Web was founded by the Stanley Brothers with a mission to unleash the healing powers of botanicals through compassion and science, benefiting the planet and all who live upon it. Charlotte's Web is a socially and environmentally conscious company and is committed to using business as a force for good and a catalyst for innovation. The Company weighs sound business decisions with consideration for how its efforts affect employees, customers, the environment, and diverse communities. The rate the Company pays for agricultural products reflects a fair and sustainable rate driving higher quality yield, encouraging regenerative farming practices, and supporting U.S. farming communities. Management believes that its socially oriented and environmentally responsible actions have a positive impact on its customers, suppliers, employees and stakeholders. Charlotte's Web donates a portion of its pre-tax earnings to charitable organizations.
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This news release contains forward-looking statements and information within the meaning of applicable securities legislation. Often, but not always, forward-looking statements and information can be identified by the use of words such as "plans", "expects" or "does not expect", "is expected", "estimates", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved. Forward-looking statements or information involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Charlotte's Web to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements or information contained in this news release
Risks, uncertainties and other factors involved with forward-looking information could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information, including assumptions as to the efficacy and results of research; the adverse impact of the COVID-19 pandemic to the Company's operations; and such risks contained in Charlotte's Web's annual information form dated March 27, 2020 and filed with Canadian securities regulators available on Charlotte's Web's issuer profiles on SEDAR at www.sedar.com. Readers are cautioned that the foregoing list of factors is not exhaustive.
SOURCE Charlotte's Web Holdings, Inc.
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