Isracann announces to enter into MoU for European distribution

By Mateen Dalal

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

About Author


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 other portals. Channelizing his e...

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