Tilray, Inc. (NASDAQ:TLRY), a global pioneer in cannabis research, cultivation, production and distribution, today announced it has entered into an agreement with Canndoc Ltd., ('Canndoc'), a wholly-owned subsidiary of InterCure Ltd. (TASE: INCR), through its wholly-owned subsidiary Tilray Portugal Unipessoal Lda. ('Tilray Portugal'), to export a wholesale shipment of up to 2.5 tonnes of medical cannabis from Portugal to Israel.
The shipment, which will arrive early this month, is the first medical cannabis import allowed into Israel.
'We at Canndoc are driven by the mission of meeting patients' needs and improving their quality of life,' says Ehud Barak, former Israeli Prime Minister and Chairman of the Canndoc Board of Directors. 'With a supply shortage of medical cannabis in Israel, it's incredibly important to partner with a trusted company like Tilray to import and distribute GMP-certified medical cannabis to physicians, pharmacies and patients across the country.' Brendan Kennedy, Tilray's Chief Executive Officer, said, 'To be able to import medical cannabis into Israel for patients in need is truly a historic moment not only for Tilray, but the whole industry.' He continued, 'We're incredibly honored to help increase patient access in Israel while becoming the first to ship medical cannabis into the country. Israel represents our fifteenth export country and the second shipment from our EU Campus in Cantanhede, Portugal.' Founded in 2008 in Herzliya, Israel, Canndoc is an IMCA (Israeli Medical Cannabis Agency) permit holder for the manufacturing of medical cannabis in Israel and is the country's first public company in the field. Canndoc has been active for more than 10 years in researching, developing, cultivating and marketing medical cannabis to thousands of patients under a wide range of medical indications approved by Israel's Ministry of Health.
Tilray has a pioneering track record as a company committed to making pharmaceutical-grade medical cannabis products available to patients in need around the world. Tilray was the first licensed medical cannabis producer to successfully export medical cannabis from North America and import medical cannabis products into the EU in 2016. In addition to the Tilray-Canndoc Israel supply agreement and to further support the Israeli medical cannabis market expansion, Tilray has also agreed to purchase up to 5 tonnes of GMPcertified whole flower from Canndoc beginning in mid-2020. If future Israeli regulations allow, the whole flower will be shipped to Tilray's Portugal facility and turned into GMP-certified finished product to distribute across Europe. Otherwise, the whole flower will be developed into finished medical cannabis and distributed as a Tilray-Canndoc branded GMP-certified finished product in Israel to further support local supply needs.
About Tilray
Tilray is a global pioneer in the research, cultivation, production and distribution of cannabis and cannabinoids currently serving tens of thousands of patients and consumers in 15 countries spanning five continents.
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