BYND Cannasoft Enterprises’ subsidiary signs first commercial agreement for medical cannabis products
October 27, 2022 By Grow Opportunity Staff
(Globe Newswire) Vancouver — BYND Cannasoft Enterprises’ Israeli subsidiary signed an agreement with Globus Pharma LTD, a subsidiary of Israeli-based Together Pharma Ltd, for the cultivation, production, and distribution of medical cannabis products that are expected to generate revenues for the company before costs of manufacturing and distribution fees.
The manufacturing of the medical cannabis products will adhere to BYND Cannasoft’s instructions and stringent standards. These products will be exclusively marketed and distributed by BYND Cannasoft in Israel through Globus Pharma. Due to their safety profile and strong therapeutic efficacy, the products are based on strains developed by Together Pharma and selected by BYND.
BYND Cannasoft’s agreement with Together Pharma will take effect upon the issuance of a full license by the medical cannabis unit at the Ministry of Health of the State of Israel (MCU). While BYND Cannasoft has received initial approval from the MCU to engage in medical cannabis without direct contact with the substance, there is no guarantee that it will receive a full license.
Israel has emerged as one of the leading countries for the consumption of medical cannabis in the world. According to Israel’s Health Ministry, more than 100,000 Israeli citizens have medical cannabis permits, a 1,600 per cent increase over the past decade. Regulations governing the research, cultivation, processing, distribution, and sale of cannabis remain extremely strict.
Israel’s Health Ministry estimated that medical cannabis consumption increased to 43 metric tons in 2021, from 28.5 million in 2020. According to Prohibition Partners, an industry analysis firm, Israel’s medicinal cannabis market had an approximate value of $264 million in 2021, roughly $7 million less than all of Europe’s.
“The products BYND Cannasoft plans to bring to market may provide additional treatment options and respond to the unmet medical needs of patients. After an in-depth and lengthy review, we partnered with Together Pharma because we knew we could have a tremendous impact on the community. The high-quality medical cannabis Together Pharma produces in accordance with BYND Cannasoft’s high quality and safety standards will help us realize our goal of improving patients’ lives.” — Yftah Ben Yaackov, CEO and director of BYND
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