The Hydroponics Company Limited (ASX:THC) has entered into a Letter of Intent (LOI) with leading Israeli medicinal cannabis group BOL Pharma Limited for the supply of cannabinoid related products in Australia.
THC’s Group Chief Executive Officer, David Radford said that under the deal with THC’s wholly owned subsidiary Canndeo Limited, BOL Pharma has agreed to supply all products required for an initial clinical trial with the long-term view of providing products for additional clinical trials that are targeting to take place during 2018.
“We are delighted to be partnering with BOL, a respected industry leader in Israel, for access to high quality targeted medicinal cannabis products,” Mr Radford said.
“This agreement reinforces our commitment to a dual supply strategy, importing some of the best cannabinoid related products to Australia, while cultivating our own medicinal cannabis strains in Australia. We look forward to developing this long-term relationship.”
BOL Pharma CEO. Tamir Gedo, said agreement kicks off BOL Pharma’s entry into Australia’s emerging medical cannabis market and supports its goal of bringing clinically verified cannabinoid treatments to patients around the world.
“We are completely aligned with Canndeo’s objective of providing high quality, validated medical cannabis products to Australia and expect this agreement is just the beginning of long and productive collaboration,” Mr Gedo said.
BOL Pharma (BOL) has been pioneering the creation of the medical cannabis industry in Israel since 2007. The company sources 99% pure pharma grade CBD, THC, and other cannabinoids from its own GAP certified cultivation facilities and GMP certified production facility.
Working in conjunction with Israel’s Ministry of Health and under governmental license, BOL serves thousands of patients, doctors, HMOs, and hospitals providing cannabis based medical products and cannabinoid active pharmaceutical ingredients (APIs). BOL produces formulations for clinical research and white label services for the pharmaceuticals, supplements, and cosmetics industries.
Canndeo will continue the active development of the medicinal cannabis market in partnership with BOL as it looks to build the developing Australian market. In parallel the company continues to develop its local production and research capabilities in Australia now that it has received both a Medicinal Cannabis Research Licence as well as Medicinal Cannabis Licence from the Office of Drug Control.