Australian cannabis firm Creso signs joint-venture deal with Israeli company

After the singing of the agreement, both Cohen and Creso expect construction of their state-of-the-art growing facility to commence soon. (Image via Reuters)
After the singing of the agreement, both Cohen and Creso expect construction of their state-of-the-art growing facility. (Image via Reuters)

Yet in another step to expand globally with its cannabis business, Biotech company Creso Pharma (ASX: CPH) has recently signed a joint-venture agreement with the Israeli Cohen Propagation Nurseries.

The deal with Cohen, an established agribusiness, is to expedite Creso’s commercialization of medical cannabis products through global distribution channels, Small Caps reported on Wednesday.

Small Caps reported that if Cohen obtains regulatory approval to grow and cultivate medical cannabis, the two will form a new joint-venture company with Creso owning a 74 per cent stake.

Creso says the approval should take about two months.

After the singing of the agreement, both Cohen and Creso expect the construction of a facility, which will take up to five months. 

The agreement also shows Creso’s aspiration to expand internationally.

In February, Creso reported “strong progress” with the construction of its cannabis medical cannabis facility in the Canadian province of Nova Scotia.

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