OrganiGram Inc, a subsidiary of OrganiGram Holdings Inc (NASDAQ:OGI), entered a pact to provide high quality dried cannabis flowers to Canndoc Ltd, a subsidiary of InterCure Ltd (OTCMKTS:IRCLF).
Organigram to supply 3,000 kgs of dried flower
As per the terms of the multi-year deal, Organigram agreed to ensure a guaranteed supply of 3,000 kg of dried cannabis flower to Canndoc on or before December 31, 2021. Canndoc will process cannabis flowers and distribute the products to satisfy the demand for medical use in Israel. The company will also have an option to procure an additional 3,000 kg of flowers from Organigram.
Pricing of the flower depends on product mix and potency
Organigram will receive payment for dried flowers based on the product mix and potency. The company will also have an option to introduce its branded products in the EU and Israel markets under this agreement with Canndoc for 7.5 years. However, the product launch is subject to the Ministry of Health’s approval in Israel, Health Canada, and other relevant regulatory frameworks.
CEO of Organigram, Greg Engel, said it is necessary to find world-class and strong partners to achieve success in the global cannabis markets. He said Canndoc is an ideal partner who can produce high-quality products and serve the patients across the world.
The ongoing clinical research in cannabis and the introduction of innovative products helped Israel become a global leader. Medical use of cannabis is already legalized in Israel in 1973. However, the Israel government approved export of medical use of cannabis products in January 2019. Canndoc is expanding its wings in the domestic market to cash in on this niche. It is also eyeing export opportunities to boost earnings.
Chairman of Canndoc, Ehud Barak, said the company is proud and pleased to work with Organigram to serve patients with better treatment options and improve their quality of life. The company also targets to help patients in other nations with high-quality medical cannabis products.
Engel said the alliance with Canndoc helps the company serve patients in major international markets. The company already supplies medical cannabis to the Australian market.
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