Cannabis company Ocean Grown Ventures announced Wednesday a strategic partnership with Panaxia Pharmaceutical Industries to reach the U.S. market.
Panaxia is an Isreali producer of pharmaceutical dosage forms with CBD. Under the agreement, Ocean Grown Ventures has the rights to produce and distribute Panaxia’s proprietary TCH formulations across California, and also to distribute Panaxia’s hemp-based CBD formulations globally.
The company is operating following good manufacturing practices, and respecting precise scientific standards.
Ocean Grown Ventures will introduce its product line in the upcoming weeks, first just hemp CBD products, expecting to add THC products later on.
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"This partnership is groundbreaking – not just for our companies, but for the wider legal cannabis industry and the millions of U.S. adults who seek consistent, reliable formulations for relief,” Jerry Katz, founder and CEO of Ocean Grown Ventures said in a statement. “Panaxia shares our science-first philosophy. Together, we are raising the bar by bringing the highest-quality medical standards into the world of wellness. It’s not just the cannabinoids that make our products effective. It’s the science.”
Dadi Segal, CEO of Panaxia, said they're excited to collaborate with Ocean Grown Ventures.
“Our companies mutually recognize the importance of taking the guesswork out of wellness; it’s why we put such an emphasis on clinical innovation to create best-in-class solutions, and we look forward to partnering with Ocean Grown Ventures to create certainty and reliability for cannabis-derived wellness in the United States,” Segal said in a statement.
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