Amid ongoing discussions to legalize cannabis in Israel, Seach Medical Group (TASE: SEMG.TA) has exported Israel's first commercial shipment of medicinal cannabis to Cannatrek, an Australian medicinal cannabis company.
As we touched upon several weeks ago, Israel has had ongoing discussions to legalize recreational cannabis use for quite some time, and it finally looks like the country will enact cannabis legalization, with the plant potentially being made legal in Israel within the next 9 months.
Additionally, it looks like Israel's cannabis market is beginning to fire on all cylinders, following news that the country will be making its first commercial export of medicinal cannabis, headed for Australia.
Israel's Seach Medical Group (TASE: SEMG.TA), reported last week that it had received final approval from the Israeli Ministry Of Health to export the country's first commercial export of medicinal cannabis, as produced by Seach's EU-GMP manufacturing partner, Panaxia pharmaceuticals Ltd.
Seach's cannabis products are destined for Australia, to Seach's Australian partner Cannatrek.
Seach will be exporting products containing its most popular strain, known as the Black Label, which is an Indica-dominant strain.
On the export deal, Seach's CEO Mr. Yogev Sarid: "We are proud and happy to make history and be the first to report commercial exports of medical cannabis from Israel.
Today is a historical day for the Israeli cannabis industry and we believe that this shipment is a solid starting point for years to come. Seach CEO, Mr. Yogev
"After years of anticipation for export and more than a decade of experience in the medical cannabis industry, we at Seach are very excited to export the first commercial shipment from Israel to our friends at Cannatrek, Australia. I am confident that Seach will continue to lead the Israeli market while creating interesting partnerships and opportunities worldwide as we have done so far," Mr. Yogev concluded.
Cannatrek's CEO, Mr. Tommy Huppert also spoke on the collaboration, stating that "after watching the Israel medicinal cannabis industry lead the world for over 10 years and to introduce new novel medicines that have shown to assist a variety of indications, we are extremely excited to partner with Seach Medical Group. Australia is one of the fastest growing market in the world today and we look forward to collaborating on medical and agronomic research to support patient access and offer an alternative therapeutic product to our growing patient base in Australia."
Cannatrek is currently running an equity crowdfunding campaign on OnMarket, which has already seen the company generate over $1M in less than a week. You can learn more about it here.
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