Israeli medical cannabis company Tikun Olam Cannbit Pharmaceuticals has entered the Brazilian market for the first time, the company reported on Wednesday, after signing an agreement with the Brazilian company Ease Labs.
As part of the agreement, Ease Labs will purchase a quarter ton of CBD and THC oil and other medical cannabis products and will distribute it in the Brazilian market, one of the largest growing markets in South America in the field.
"This is the first step in the Brazilian market, which is considered one of the largest markets in South America with tremendous growth potential, as part of the realization of the company's strategic plan and business goals," said Tikun Olam Cannbit CEO Avinoam Sapir.
“We are excited about a fruitful and long-term partnership with Tikun Olam Cannbit" declared Gustavo Valarez, CEO of Ease Labs. "Thanks to the knowledge, experience and quality of the company's raw materials, together with the local cannabis industry in Brazil, we are confident that the therapeutic products, intended for oncology patients and chronic pain sufferers, will facilitate and improve their quality of life – and, not least, at affordable prices."
In 2020, the Israeli company signed an MoU of cooperation with British company ITH Pharma, for the supply of CBD oil and other medical cannabis products in the UK.
According to the agreement, ITH Pharma has undertaken an order to purchase approximately one ton of cannabis oil from the company per year, in bi-monthly doses.