Teva Israeli subsidiary signs cannabis distribution deal

A subsidiary of multinational pharmaceutical giant Teva Pharmaceuticals signed a deal with Israeli medical marijuana company Canndoc to distribute its products to pharma customers that include pharmacies and hospitals.

While the deal is not exclusively for products in Israel, it will start there and move to other countries once it becomes logistically legal to do so, according to a Canndoc news release distributed Friday.

Israel’s medical marijuana market has roughly 46,000 patients.

Teva’s Israeli subsidiary Salomon, Levin, Elstein (SLE) agreed to work with Canndoc, whose chair is former Israeli Prime Minister Ehud Barak.

The initial agreement will span for three years and can be extended in two-year periods after that.

News of the transaction was first reported by Forbes.

Teva, based in Petach Tikva, Israel, trades on the New York Exchange under the ticker symbol TEVA.

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