MGC Pharma signed a binding term sheet with IM Cannabis Corp. for the exclusive wholesale import, sales, and distribution of CannEpil® in Israel.
MGC Pharmaceuticals (ASX:MXC) has just signed a binding term sheet with IM Cannabis Corp, also known as IMC, who will now be appointed as the exclusive wholesale importer of CannEpil® in Israel over the next five years. IMC, according to MGC's recent press release, is "an international medical cannabis company, and a well-known Israeli brand of medical cannabis products in Israel."
Under the agreement, MGC will continue to own all the intellectual property rights associated with CannEpil® and be responsible for the product's continued development, while IMC will be responsible for registering CannEpil® in Israel, as well as taking care of all permits and licenses required for importation and commercialization of CannEpil, and any promotional activity for the product. Each purchase order is to be a minimum of €50,000.
On the agreement, the Managing Director and co-founder of MGC Pharma, Roby Zomer, stated that "We are very pleased to have our first Israeli commercial distribution agreement for CannEpil® in place with one of the leading companies of medical cannabis in Israel."
There is a strong need for epilepsy medication in Israel and the agreement with IMC has the potential to be transformational for MGC following successful clinical trials. Roby Zomer, Co-founder and Managing Director of MGC Pharma
Oren Shuster, Chief Executive Officer of IMC also remarked on the agreement, in which Shuster stated: "We are embarking on a new era of cannabis-based products around the world. The next generation of medical cannabis products will be driven by evidence-based research and IMC plans to remain at the cutting edge of cannabis medicine which aligns with its vision for leadership in the global medical cannabis industry."
"As investment in research, development and commercialization of treatments like CannEpil® advances over time, IMC will seek to enter into similar agreements for the distribution of innovative products in all the markets in which it operates." Mr. Shuster continued, "We have great respect for MGC's commitment to innovation and its ability to develop novel medical cannabis products. Combining MGC's intellectual property with our local knowledge of the Israeli market is a formula for success and we look forward to working with them for the betterment of medical cannabis patients in Israel and across the world."
To learn more about MGC Pharma, visit the company HQ here.
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