The Israeli Ministry of Health has launched a new pilot program in which medical cannabis producers will be authorized to export medical cannabis, subject to making certain products available to patients in Israel at a fixed price of NIS14 per gram (CAD$5.50 per gram) and NIS10 (CAD$4.00 per gram) for patients over 21 years old and under 21 years old, respectively. The medical cannabis products that will be made available under the Pilot Program are at the Company's discretion. The Pilot Program is planed for an initial period of three months.
One of the companies that is going to export the product is IMC, which operates in Germany through Adjupharm GmbH ("Adjupharm"), an EU-GMP and EU-GDP certified medical cannabis distributor. "Adjupharm is currently making shipments to its network of ten distribution partners with IMC-branded products available in pharmacies across Germany," the team with the company explains. "With seven cultivators currently producing IMC-branded products in Israel, an export market will allow the Company to bolster the supply of cannabis for its operation in Germany and across Europe, supporting the rapidly increasing demand in these markets and the Company's international distribution platform."
Oren Shuster, Chief Executive Officer of IMC commented, "We are very supportive of the Israeli Ministry of Health's program to open the market for medical cannabis exports. We have made tremendous progress establishing our supply and distribution platform for IMC-branded products in both Israel and Germany. The ability for licensed producers to export from Israel will significantly strengthen our international supply capabilities as we continue to execute our goal of global leadership for IMC-branded medical cannabis."
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