Could cannabis help cure Israel’s corona economic crisis?Posted by MMP News AuthorOn April 5, 2021
A first shipment of Israeli medical cannabis products took off to Israel over Passover – an important milestone for Israel’s largest manufacturer of medical cannabis products.Panaxia Israel Laboratories shipped medical cannabis products under the Panaxir brand from the company’s oils series after they were selected by the government of Cyprus, who will transfer them to pharmacies for prescription.The company has been working on getting its products into the European market for nearly three years. Cyprus is the third country to welcome Panaxia; it also exports to Germany and, more recently, France.“The reputation we gain in such transactions will open doors in other countries as well and allow them to penetrate additional markets,” Panaxia CEO Dr. Dadi Segal said.After a year of economic crisis in the country – Panaxia was also hard hit – the company is eyeing new exports as a “cure for the economic coronavirus crisis.”
General manager and co-founder Assi Rotbart told the Post that with nearly 200 employees in Israel – more than 1,000 if you count the cannabis cultivators from which it buys its raw materials – penetrating the European market could mean “we can create a huge stream of money from Europe to Israel and create many more jobs.”
During COVID, the company was hit hard from a production and operation perspective.“There was a lot of quarantine and we had to work in capsules, which increased the cost of production significantly,”…
A first shipment of Israeli medical cannabis products took off to Israel over Passover – an important milestone for Israel’s largest manufacturer of medical cannabis products.Panaxia Israel Laboratories shipped medical cannabis products under the Panaxir brand from the company’s oils series after they were selected by the government of Cyprus, who will transfer them to pharmacies for prescription.The company has been working on getting its products into the European market for nearly three years. Cyprus is the third country to welcome Panaxia; it also exports to Germany and, more recently, France.“The reputation we gain in such transactions will open doors in other countries as well and allow them to penetrate additional markets,” Panaxia CEO Dr. Dadi Segal said.After a year of economic crisis in the country – Panaxia was also hard hit – the company is eyeing new exports as a “cure for the economic coronavirus crisis.”
General manager and co-founder Assi Rotbart told the Post that with nearly 200 employees in Israel – more than 1,000 if you count the cannabis cultivators from which it buys its raw materials – penetrating the European market could mean “we can create a huge stream of money from Europe to Israel and create many more jobs.”
During COVID, the company was hit hard from a production and operation perspective.“There was a lot of quarantine and we had to work in capsules, which increased the cost of production significantly,”…
