Israeli medical cannabis company Tikun Olam CannBit Pharmaceuticals announced on Wednesday that it has signed a memorandum of understanding for cooperation with the British company ITH Pharmaceuticals, for the supply of CBD oil and other medical cannabis products in the UK. 
According to the agreement, ITH will undertake an order to purchase approximately 1 ton of cannabis oil from the company per year, in bi-monthly doses, most likely starting December 2020.
In addition, Tikun Olam Cannbit will sell ITH the formulas for an array of different THC and CBD rich oils and flowers, to sell in the emerging UK medical cannabis market. 
Lastly, subject to the removal of regulatory restrictions applicable to the parties in connection with export and import and other conditions to be set out in the agreement, the agreement stipulates that the companies will work together to establish a joint company which will engage in the marketing and manufacturing of medical cannabis products in the UK.
This announcement is a continuation of Tikun Olam CannBit’s plans to expand to Europe, which it announced at the end of May 2020, with its announcement of a binding supply agreement with Fette Pharma for the German, Austrian and Swiss markets in a deal amounting to more than NIS 100 million.
Avinoam Sapir, CEO of Tikun Olam-CannBit, said that “ITH is a professional, veteran company based on pharma and science, so we believed that our synergy with it is right and we expect that the cooperation between us will lead to excellent business results for both parties.”
In addition, Sapir thanked the Health Ministry for their recent decision to allow the export of medical cannabis under certain conditions, saying “there is no doubt that the move announced by the Health Ministry to open the Israeli market for exports also gave us a boost and opened up new opportunities for us, and this is one of them.”

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ITH engages in the development, sale, marketing and distribution of medical products in the UK and is considered a leading company in the supply of injectable drugs and pharmaceutical preparations in a range of various medical labels, and is a major supplier to the NHS (National Health Care Service) and a number of leading hospitals in the UK.
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