Israel-based medical cannabis company Panaxia has partnered with Canada’s Bioceutical Corporation to set up four medical cannabis production plants in Arizona, Nevada, Maryland, and Massachusetts, according to a report from Globes. Last year, Panaxia set up a similar production facility in New Mexico, which went online in March.
The agreement will see Bioceutical Corp., which is traded on the Canadian Securities Exchange, will finance the project, provide the cannabis, and market the products. Panaxia will build and manage the plants and all of the other product inputs, save for the cannabis. According to the report, Bioceutical Corp. is already actively marketing products in Nevada and Arizona, and the two firms will jointly enter Massachusetts and Maryland.
Panaxia Managing Partner Advocate Assi Rotbart indicated that the company is already producing 10,000 units of sublingual tablets, oils, lozenges, and an inhaler per week at the New Mexico facility. Rotbart said the firm partnered with G.W. Pharma and Ultra Health in that venture.
“We discovered that we had incorrectly assessed the strength of the demand. The plant is now operating at full capacity… and we are in the process of expanding it,” he said in the report. “The factories that will be built under the new agreement will be much larger.”
Dr. Dadi Segal, founder and chairman of Panaxia, said the firm is also preparing to open a cannabis production facility in Israel under federal reforms.