Uruguayan Cannabis Co. Fotmer Life Sciences Signs Supply Agreement With Israel-Based Canndoc
Fotmer Life Sciences, a medical cannabis licensee in Uruguay, announced it has entered into a strategic supply agreement with Israeli cannabis producer Canndoc, a fully owned subsidiary of Intercure Ltd. (INCR:TA) (OTC:IRCLF).
Under the terms of the deal, Fotmer will supply up to 3,000 kgs. of high-quality bulk dried flower to Canndoc per year. Canndoc will then process that into finished products and co-brand it under the Canndoc and Fotmer names.
The supply agreement also allows for the parties to launch branded medical products in the Israeli and E.U. markets, and grants exclusivity and related rights to Canndoc within the Israeli market for a period of up to 7.5 years.
“Driven by the mission to increase the global supply of GMP-certified medical, high-THC cannabis for patients participating in medical cannabis markets, we are pleased to be entering this exclusive agreement with Canndoc to serve the rapidly expanding domestic market in Israel,” said Dr. Jordan Lewis, CEO of Fotmer.
"Fotmer’s stringent cultivation practices made way for a seamless approval process in Israel which recently amended its regulations for cannabis imports," Lewis continued. "As one of the largest cannabis producers and exporters of medical cannabis, this agreement serves as a significant step for Fotmer in the international cannabis marketplace and represents another proof point that Latin America is poised to dominate the global cannabis supply chain."
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