Charlotte's Web Holdings, Inc.’s wholly-owned subsidiary, Charlotte's Web, Inc., has entered an exclusive distribution agreement in Israel with InterCure Ltd., which owns one of Israel's largest and most established medical cannabis producers, Canndoc Ltd.
Canndoc has been a pioneer in pharmaceutical-grade cannabis for more than 13 years. Its GMP-approved medical cannabis products are sold in pharmacies in Israel, and it holds international cultivation and distribution agreements in the European Union.
Selected Charlotte's Web hemp extract wellness products will be available to the Israeli public through Canndoc or another subsidiary of InterCure. Charlotte's Web and InterCure also are considering future distribution agreements in certain European countries. The two companies will also explore opportunities such as clinical trials, product development and manufacturing in Israel.
Founded in 2008, Canndoc is an Israeli Medical Cannabis Agency permit holder for the manufacturing of medical cannabis in Israel. Canndoc has provided medical cannabis for more than 40,000 patients, demonstrating expertise across the entire value chain from research, cultivation, and processing, to product development and advanced GMP clinical trials pipeline initiation.
"Partnering with regional leaders, such as Canndoc, aligns with Charlotte's Web's strategy to leverage established expertise within international markets," said Deanie Elsner, CEO of Charlotte's Web. "We have been seeking to partner with a leading Israeli company to tap into the deep knowledge and innovation Israel has established in cannabinoid science. We are optimistic that the Israeli government will soon pass the legislation and regulations which will support our international initiatives with Canndoc."
As a result of this agreement, InterCure will become one of Charlotte's Web's leading strategic allies outside of North America.
"The cooperation between Canndoc, a leading Israeli pioneer with 13 years of excellence in research, development and production, and Charlotte's Web, the world's most trusted brand of CBD hemp extract products, is a significant breakthrough for both Canndoc and the entire Israeli market," said Ehud Barak, InterCure's chairman and former Israeli Prime Minister. "As governments are recognizing the health benefits of cannabinoid rich products and new regulations are being put in place, this alliance enables the two companies to offer a broad range of trusted products for the benefit of consumers. This agreement is an important milestone in Canndoc's growth strategy and positions it in the forefront of the industry."