-THC’s subsidiary Canndeo Limited locks in off-shore supply of medicinal cannabis by entering into a partnership with BOL Pharma
-BOL Pharma is one of Israel’s leading medicinal cannabis producers with an extensive portfolio of products targeted for specific clinical applications
-THC executes on its dual import/domestic medicinal cannabis supply chain
-THC remains on track to complete its domestic R&D and growing facility
-BOL Pharma to initiate a clinical trial with Canndeo
-BOL Pharma to expand its current multiple indications into Australia through its partnership with Canndeo
SYDNEY, Australia, Nov. 20, 2017 /Weed Wire/ — The Hydroponics Company Limited (ASX:THC) (“THC”) is pleased to announce that its wholly owned subsidiary Canndeo Limited has entered into a Letter of Intent (LOI) with leading Israeli medicinal cannabis group BOL Pharma Limited (BOL) for the supply of cannabinoid related products in Australia.
THC’s Group Chief Executive Officer, David Radford said: “We are delighted to be partnering with BOL Pharma, a respected industry leader in Israel, for access to high quality targeted medicinal cannabis products. This agreement reinforces our commitment to a dual supply strategy, importing some of the best cannabinoid related products to Australia, while cultivating our own medicinal cannabis strains in Australia. We look forward to developing this long term relationship.”
BOL Pharma has agreed to supply all products required for an initial clinical trial with the long term view of providing products for additional clinical trials that are targeting to take place during 2018.
Tamir Gedo, Chief Executive Officer of BOL Pharma said: “This agreement kicks off BOL Pharma’s entry into Australia’s emerging medical cannabis market and supports our goal of bringing clinically verified cannabinoid treatments to patients around the world. We are completely aligned with Canndeo’s objective of providing high quality, validated medical cannabis products to Australia and expect this agreement is just the beginning of long and productive collaboration.”
BOL Pharma has been pioneering the creation of the medical cannabis industry in Israel since 2007. The company sources 99% pure pharma grade CBD, THC, and other cannabinoids from its own GAP certified cultivation facilities and GMP certified production facility. Working in conjunction with Israel’s Ministry of Health and under governmental license, BOL Pharma serves thousands of patients, doctors, HMOs, and hospitals providing cannabis based medical products and cannabinoid active pharmaceutical ingredients (APIs). BOL Pharma produces formulations for clinical research and white label services for the pharmaceuticals, supplements, and cosmetics industries.
According to a news statement on its website, BOL Pharma’s new centre has a 35,000-square-foot plant, an 8,000-square-foot storage room, 30,000 square feet of grow rooms and labs, and a million square feet of cultivation fields Tamir Gedo estimates that BOL Pharma will produce 80 tons – more than 175,000 pounds – per year.
Canndeo will continue the active development of the medicinal cannabis market in partnership with BOL Pharma, in parallel, the Company continues to develop its local production and research capabilities in Australia now that it has received both a Medicinal Cannabis Research Licence as well as Medicinal Cannabis Licence from the Office of Drug Control.