Isracann announces to enter into MoU for European distribution
Category: #business  | By Mateen Dalal  | Date: 2020-01-02 |
  • shareshare_icon
  • Twitter
  • Facebook
  • LinkedIn

Isracann announces to enter into MoU for European distribution

Isracann Biosciences, Inc., an Israel-based specialty pharmaceutical company, announced that it has entered into a Memorandum of Understanding (MoU) for a distribution agreement to serve major legalized cannabis markets in Europe. The name of partner distributor has not been disclosed yet.

The anonymous distributor has conditionally entered into an MoU with Isracann due to commercial realism. As a part of the agreement, the distributor will help the company towards strategic export and leveraging opportunities. The principal proposal of the agreement is to offer a non-binding alternative on dried flower products depending upon export laws in Israel and minimum quantity, quality, and time of delivery.

The proposed distributor signifies that both the partners will import the product through the Republic of Malta, in accordance with jurisdictional transshipment and importation regulations. The distributor affirms its plan to use the product of Isracann as raw input for value-added handling, extraction, packing, branding, and export distribution.

Under the agreement, the unnamed distributor will build a regional processing facility to satisfy European Union Good Manufacturing Practice (EU-GMP). The EU has specified these standards to implement them as a regulatory need for medicinal products.

Darryl Jones, CEO, Isracann, reportedly stated that the company realized that it has a requirement for strategic distribution agreements before beginning its agriculture endeavor in Israel. The company selected Malta owing to its positive business environment, outstanding logistics, and proximity to key European markets, he further added.

Isracann had earlier declared Germany as its target to enter into the EU markets, which is pending due to Israeli export licensing approval. In March 2017, Germany had legalized medical cannabis and has emerged as the major medical cannabis market in Europe. The country is likely to grow considerably over the next years due to the presence of a potential patient base of more than 1 million.
 

Source links:

https://www.globenewswire.com/news-release/2020/01/02/1965510/0/en/Isracann-Enters-MOU-for-European-Distribution.html

  • shareshare_icon
  • Twitter
  • Facebook
  • LinkedIn


About Author

Mateen Dalal     twitter

Mateen Dalal

A qualified electronics and telecommunication engineer, Mateen Dalal embarked on his professional journey working as a quality and test engineer. Harnessing his passion for content creation however, Mateen pens down industry-rich articles for ReportsGO.com and a few o...

Read More..

More News By Mateen Dalal

Apollo plans to expand looking at average occupancy surge

Apollo plans to expand looking at average occupancy surge

By Mateen Dalal

Apollo Hospitals Enterprises Ltd., one of India's leading healthcare providers, is reportedly targeting to increase the average occupancy rate in its hospitals to 68-70% for the fiscal year 2024. The company recently announced impressive finan...

ChatGPT’s creator OpenAI proposes regulation of AI by humans

ChatGPT’s creator OpenAI proposes regulation of AI by humans

By Mateen Dalal

OpenAI, the creator of ChatGPT, has reportedly put forward a proposal for the establishment of an international organization to regulate artificial intelligence (AI). Led by CEO Sam Altman, the company believes that AI systems developed within the ne...

Medtronic pledges USD 350 Mn to expand R&D operations in India

Medtronic pledges USD 350 Mn to expand R&D operations in India

By Mateen Dalal

Medtronic, a leading healthcare technology company, has announced plans to expand its R&D center in Hyderabad, India, with a whopping investment of USD 350 million. The existing facility is already the largest center for the company outside the U...