Nabis Holdings Announces MOU With Israeli-Based Pharmaceutical Panaxia

Nabis Holdings Inc NAB NABIF a Canadian investment company, recently announced it has entered into a binding memorandum of understanding with Panaxia Pharmaceutical Industries Ltd.

According to the terms, Panaxia will provide proprietary pharma-grade cannabis-based products that are high demand in other states in the U.S.

The entire line of products is going to be produced at the Arizona-based 44,000 square foot cultivation facility "Camp Verde." Nabis will provide raw materials and will be responsible for the entire sales operation through their established dispensary and wholesale channels. All products will be sold under the Panaxia brand, 50% owned by Nabis.

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In the memorandum, it's expected the possibility of expansion to other U.S. states.

“We are excited to partner with Panaxia to develop a variety of new, high quality, pharmaceutical grade products using proven EU GMP standards to meet the evolving needs of our patients,” said Shay Shnet, CEO and Director of Nabis. “This Joint Venture fits well within our vertically-integrated cannabis portfolio and we look forward to co-creating new innovative products to deliver long-term value to our shareholders as well as our established Arizona customer base of over 36,000 patients and counting.”