Aphria Inc. a leading global Canadian cannabis company, announced it has entered into a Strategic Supply Agreement with Canndoc Ltd., a subsidiary of InterCure, one of Israel's largest and most established medical cannabis producers.
The agreement locks in Canndoc with a 2 year guarantee as a supplier of dried bulk cannabis flower to Aphria, with a further 3 year extension if both parties agree on terms. The agreed upon terms state that the Israeli supplier will provide 3,000 kgs of flower, which will be processed into finished product boasting a co-branded mark of both Aphria and Canndoc, as they currently will focus sales in the Israeli market.
"We are excited about our strategic partnership with Canndoc, a well-established Israeli leader, and the opportunity to continue to expand our medical cannabis brand internationally," said Irwin D. Simon, Chairman and Chief Executive Officer, Aphria Inc. "Today's announcement is about more than a supply agreement. It's about the strength and quality of our medical brand, Aphria, being continuously validated by the world's medical cannabis markets, including countries in which we have no distribution today. The Agreement represents a significant step for Aphria, and we look forward to bringing our high-quality medical cannabis products to patients in Israel."
The strategic partnership will also include the possibility of Aphria and Canndoc collaborating on research initiatives such as clinical trials focused on the use of medical cannabis with leading hospitals and research institutions in Israel and exploring potential collaboration in the EU market.
"We are proud to partner with Aphria, a global leader who shares with us the same quality values and commitments of meeting patients' needs and improving their quality of life. This is another vote of confidence in Canndoc's leadership and the Israeli market," said Ehud Barak, former Israeli Prime Minister and Chairman of the Canndoc Board of Directors.
Canndoc, which was founded 2008 by CEO Roei Zerahia and President Avner Barak, has been pioneering Pharma-Grade cannabis for more than 13 years and has established itself as a well-respected company in the global cannabis industry. In March 2020, Canndoc entered a strategic partnership with Super-Pharm, Israel's largest drugstore chain, allowing for Canndoc's products to be distributed across 95 medical cannabis authorized pharmacies and sold to Israel's growing medical cannabis patient community.