Yet Another Israeli Cannabis Company Announces Deal Despite Govt Stalemate on Export

About 35 percent of Australians use marijuana despite the green herb is illegal in the country. (File image via Reuters)
About 35 percent of Australians use marijuana despite the green herb is illegal in the country. (File image via Reuters)

Globus Pharma, an Israeli cannabis company, has announced on Sunday its plan to build a series of cannabis greenhouses on five acres of land with another local firm Yamko Yad Paz Industries Ltd., a local news website reported on Monday.

Yamko Yad Paz Industries Ltd., a company specializing in large-scale agricultural infrastructure, will provide irrigation systems as well as technology for heating, cooling, and fertilization of the marijuana crops, Calcalistech reported.

In Israel, marijuana farmers and medical cannabis companies are frustrated after the Israeli government took a complete U-turn after its decision to legalize the export of cannabis.

The U-turn took place after the Israeli cabinet gave its green light that it would approve exports of medicinal cannabis during the 2019 state budget vote.

But Israeli marijuana farmers and companies are showing more defiance.

Despite the lack of a legal frame to export marijuana, Globus is planning to have the largest greenhouse compound in Israel as it eyes to grow 20 tonnes of medical-grade cannabis a year.

The company said it has signed deals to distribute eight tonnes of cannabis in Canada and Germany.

Last week, The Puff Puff posted reported that Medivie Therapeutic signed a deal worth $110 million, Israel’s biggest so far with a European buyer.

But Medivie Therapeutic and its subsidiary High Pharma warned the Israeli government that if it did not approve the export of medical cannabis soon, it would sell its knowledge and expertise rather than the cannabis itself.

Comments
Please follow and like us:

LEAVE A REPLY

Please enter your comment!
Please enter your name here