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Canndoc Signs Medical Marijuana Distribution Deal With Teva Subsidiary

InterCure said that its subsidiary Canndoc has entered into a medical marijuana products distribution deal with a subsidiary of Israel-based generic drug maker Teva Pharmaceutical Industries Ltd.

InterCure holds a valid license in Israel for the entire medical cannabis value chain through its 100 percent ownership in Canndoc, an Israeli medical cannabis producer.

Under the terms of the deal, Teva's subsidiary Salomon, Levin, Elstein or S.L.E will distribute Canndoc's GMP-approved medical cannabis products to pharma customers in Israel, including hospitals, health maintenance organizations or HMOs, and pharmacies.

The distribution agreement is initially for a three-year period and includes a mechanism for automatic extension of two-year periods each.

S.L.E. will also provide significant logistical capabilities to Canndoc in the future to support export of Canndoc's medical cannabis products to other countries. The Government of Israel has approved the export of medical cannabis in January 2019.

S.L.E is a provider of health logistics services and distributes products from dozens of local and international companies. The company is licensed by the Israeli Ministry of Health and also holds a GDP distribution license.

"Our agreement with S.L.E., Israel's leading company in distributing medical products, creates a complete supporting platform for supplying Canndoc's GMP products to any location in Israel and for countries with similar regulations," said Canndoc's Chairman Ehud Barak, who is also a former prime minister of Israel.

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