Super-Pharm to purchase 10 tons of medical cannabis GMP products from Canndoc over 3 years period
Canndoc's pharma grade cannabis products to be sold at Super-Pharm, Israel's leading and largest drugstore chain
HERZLIYA, Israel, March 5, 2020 /PRNewswire/ -- InterCure (TASE: INCR) announces today that wholly owned subsidiary, Canndoc, has entered into a strategic partnership agreement with Super-Pharm, Israel's leading and largest drugstore chain. Under the term of the agreement, Super-Pharm commits to acquire 10 tons of Canndoc's GMP medical cannabis products during a 3-year period. Canndoc's products will be securely transferred from its manufacturing facilities array to Super-Pharm's distribution center, who will be responsible for the distribution to its 41 medical cannabis authorized pharmacies.
"We are looking to provide our patients with the best service and highest quality to meet the growing demands for medical cannabis products," said Super-Pharm Chief Executive Officer Nitzan Lavi. "I welcome the strategic partnership with Canndoc which will enable us to increase our GMP standard medical cannabis inventory."
"We are honored to partner with Super-Pharm, Israel's leading drugstore chain," said Canndoc's Chief Executive Officer Alon Granot. "The collaboration between Super-Pharm and Canndoc supports the growing medical cannabis patients' community in Israel with access to our first-in-class medical cannabis products through the nationwide drugstore chain of Super-Pharm. This is another significant milestone in Canndoc's growth strategy."
Moshe Gavrilov, recently joined the Board of Canndoc after 18 years in senior management positions at Teva Pharmaceutical industries, said: "This is a significant achievement which positions Canndoc as the leading company in the growing GMP standard medical cannabis."
As part of the partnership, Canndoc will provide Super-Pharm and its pharmacists with professional and clinical expertise gained throughout its 12 years of development and treatment thousands of patients with medical cannabis. Canndoc will begin supplying its products to Super-Pharm immediately.
Yesterday, March 4, Canndoc announced a strategic pharma grade cannabis commercial deal with Cellect Biotechnology (NASDAQ: APOP), for the reduction of opioid usage. Canndoc and Cellect also announced the companies are exploring a potential merger. Canndoc intends to market the Canndoc-Cellect pharma grade cannabis products via its distribution channels including the Super-Pharm's strategic agreement.
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 leader Tilray and distribution agreement with SLE (100% owned by Teva Pharmaceutical Industry), Canndoc is positioned as a leading and significant player in pharma grade medical cannabis products.
Canndoc's clinical trials pipeline includes 9 advanced clinical trials in collaboration with leading researchers and hospitals, approved by the IMCA and the Ministry of Health - including an ongoing Phase 3 clinical trial for the treatment of children with autism spectrum disorder.
Super-Pharm is the largest and leading drugstore chain in Israel, with 260 branches spread across the country. Super-Pharm also operates in Poland.
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SOURCE InterCure Ltd.