Israeli medical cannabis company Tikun Olam CannBit Pharmaceuticals announced on Wednesday that it has signed a memorandum of understanding for cooperation with the British company ITH Pharmaceuticals, for the supply of CBD oil and other medical cannabis products in the UK.
According to the agreement, ITH will undertake an order to purchase approximately 1 ton of cannabis oil from the company per year, in bi-monthly doses, most likely starting December 2020.
In addition, Tikun Olam Cannbit will sell ITH the formulas for an array of different THC and CBD rich oils and flowers, to sell in the emerging UK medical cannabis market.
Lastly, subject to the removal of regulatory restrictions applicable to the parties in connection with export and import and other conditions to be set out in the agreement, the agreement stipulates that the companies will work together to establish a joint company which will engage in the marketing and manufacturing of medical cannabis products…
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