Teva joins medical cannabis market with Israel distribution deal
Under the agreement announced Friday, S.L.E. will distribute Canndoc's GMP-approved products to clients in Israel, including hospitals, health maintenance organizations (HMOs) and all pharmacies.
By EYTAN HALONEmployee tends to medical cannabis plants at Pharmocann, an Israeli medical cannabis company in northern Israel(photo credit: AMIR COHEN/REUTERS)
Pharma giant Teva Pharmaceutical Industries will enter into the medical cannabis sector after subsidiary Salomon, Levin, Elstein (S.L.E.) signed a distribution agreement with Israeli therapeutic company Canndoc.Under the deal announced Friday, S.L.E. will distribute Canndoc’s GMP-approved products to pharma clients in Israel, including hospitals, health maintenance organizations (HMOs) and pharmacies.At a later stage, depending on regulatory approval enabling Israeli medical cannabis S.L.E. will provide logistics capability for exporting Canndoc’s products to countries enabling the sale and distribution of medical cannabis products.Canndoc is a wholly owned subsidiary of therapeutic holding company InterCure, which has been chaired by former prime minister and current Democratic Union candidate Ehud Barak since September 2018.“Our agreement with S.L.E., Israel’s leading company in distributing medical products, creates a complete supporting platform for supplying Canndoc’s GMP products to any location in Israel and for countries with similar regulations,” said Barak. “Through its S.L.E. partnership, Canndoc has aligned itself with one of the most prominent pharmaceutical companies in the world, for the distribution of cannabis-based medical treatments to countries that recognize the value of these medicines for people in need.”The initial distribution deal covers a period of three years, but includes a mechanism to automatically extend the deal by two years on each occasion.“The agreement brings together our well-established pharmaceutical distribution network with Canndoc’s high quality medical cannabis industry presence and market leadership,” said S.L.E. CEO Aviad Bossi.“Beyond the operations in Israel, this agreement will provide Canndoc significant logistical capabilities that can support Canndoc’s exporting operations from Israel.”InterCure announced in its half-year report published last month that it has received permission from the Medical Cannabis Unit to commence nine medical cannabis clinical trials. Eight of the nine tests will be phase II clinical trials.The trials will examine the clinical effects of Canndoc products on patients suffering from conditions including epilepsy, fibromyalgia, neuropathic pain, side effects of chemotherapy, Parkinson’s disease and post-traumatic stress disorder.
