The multinational Clever Leaves Holdings Inc. (NASDAQ: CLVR, CLVRW) has finished sending its first commercial shipment of high THC flower to a partner in Israel.
On Monday, the firm announced the shipment through a partnership with InterCure (Nasdaq: INCR, TSX: INCR.U, TASE: INCR) and patients in Israel will now receive its Colombia-grown pot. The partnership was previously announced in March this year.
Under the long-term agreement, Clever Leaves will supply InterCure with high THC strains which will follow several other genetics.
“Our partnership with InterCure has been a long time in the making and we are thrilled to be working with one of the most prominent names in Israeli medical cannabis,” Clever Leaves CEO Andrés Fajardo said.
“Israel has been a strategic market focus for Clever Leaves and InterCure’s position as a market leader further solidifies our plans for growth in the region.”
He added that the partnership proves how Clever leaves can meet the most stringent regulatory standards worldwide.
Clever leaves is a licensed producer of pharmaceutical-grade cannabinoids and has its operations in Colombia and Portugal.
Company stock went down by 4.88 per cent Monday to USD$1.17 on the Nasdaq exchange.
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InterCure does business as Canndoc and it is one of the fastest growing cannabis companies outside of North America and the largest licensed cannabis producer in Israel. It is one of the first companies to have been certified for GMP practices for pharmaceutical-grade pot products.
“We’re delighted to see the first fruit of our successful partnership with Clever Leaves,” InterCure Alex Rabinovitch said.
“This first importation is just the first step for our long-term partnership and an attestment to the abilities of our teams to meet the challenging strict regulatory requirements of the Israeli pharmaceutical-grade medical cannabis market.”
InterCure stock went up by 3.07 per cent Monday to $6.04 on the Toronto Securities Exchange.
