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Israeli medical cannabis company Univo Pharmaceuticals Ltd. (TLV: UNVO) has agreed to a U.K. distribution deal.
As part of the agreement, Univo will see up to five tons of its cannabis-based products distributed across the U.K. each year.
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Unico is chaired by Dr. Chaim Hurvitz, a former president and CEO of Teva Pharmaceutical Industries Ltd. (NYSE:TEVA)’s Teva Pharmaceuticals Europe. The company owns a factory that produces medical cannabis products under the Israeli Ministry of Health’s regulations.
The agreement has a duration of three years, after which it will automatically be renewed one year at a time. Should the distributor purchase volumes that exceed five tons annually, they will reopen the negotiations to update the agreement.
“This distribution agreement — our first in the UK — is an important milestone for Univo in aiming for the international market, following the strong growth we have experienced in our domestic activity during the past 6 months,” said Univo CEO Golan Biton. “We will promote additional agreements in the international market, putting our knowledge and presence in the cannabis value chain to good use, from cultivation through production and on to distribution, while developing more medical grade cannabis products.”
Earlier this month, Univo reported that it had entered a new three-month pilot program launched by the Israeli Health Ministry. Per the program, Israeli cannabis companies will reduce the prices of some of their products to about NIS 140 per 10 grams, compared to the current price of roughly NIS 200-300; participating entities will get expedited export permits in exchange.
Univo reported that, as part of the pilot, it has submitted an application for an export permit to Brazil, while subsidizing some of its products intended for the local market.
Image by Javier Hasse, using free-use stock images.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.