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Teva to distribute medical cannabis through Cannbit-Tikun Olam tie-up

Teva to distribute medical cannabis through Cannbit-Tikun Olam tie-up

Israeli-based Teva Pharmaceuticals Industries has reportedly signed an exclusive and mutual collaboration agreement with Cannbit-Tikun Olam to manufacture and distribute cannabis products.

Under the terms of the agreement, Tikun Olam would be responsible for the production of various medical cannabis products, administered as CBD or THC-rich oils, for Teva Israel.

As per the contract, the production will be done according to the instructions and standards set by Teva, with the marketing and distribution of the products done exclusively by Teva, in Israel, as well as the Palestinian Authority.

The oils have been based on strains developed by Tikun Olam and were exclusively selected by Teva because of their safety profile and having strong therapeutic efficacy.

Yossi Ofek, Teva Israel CEO, stated that the pharmaceutical industry and the medical community are realizing the potential of oils produced from particular cannabis strains in providing additional treatment options to meet the different medical requirements of patients. 

Ofek added that the firm has joined forces with Cannbit-Tikun Olam after going through an in-depth and lengthy review, adding that the medical cannabis oils produced by Tikun Olam are up to Teva's standards of quality and safety, and will help the firm improve the lives of patients. 

Avinoam Sapir, GM at Cannbit-Tikun Olam, expressed the company’s gratitude for being chosen as the strategic partner by Teva Israel to enter the medical cannabis market.

Sapir added that their collaboration will prove to be an important agreement in the industry, and Israel, in positioning Cannbit-Tikun Olam and Teva Israel as the frontrunners in the ever-growing and developing market.

As part of the deal, and Teva Israel attaining all required regulatory approvals, both companies will be collaborating for an extended period of 10 years, with an option to extend it further by another nine years.

The agreement is the latest addition in a series of strategic agreements that Cannbit-Tikun Olam has made with various companies and projects over the year, such as with Solgar-SupHerb for the production of cannabis-based supplements, an agreement with ITH Pharma for a UK project, and another with a Germany-based Fette Pharma.

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