Israeli Medical Cannabis Company IM Cannabis Continues European Expansion Via Greece JV

Israeli-based medical cannabis company IM Cannabis Corp IMCC announced last week another important phase in its European expansion. The company has formed a joint venture with Greece-based Galen Industries SA to build and operate an EU-GMP cultivation and processing facility that will supply medical cannabis to the Euro-zone.

The deal also includes a preferred supply agreement in which IM Cannabis holds the rights to acquire 25% of the joint venture’s production at preferred terms and pricing. The joint venture in Greece is one of IM Cannabis’ European EU-GMP cultivation and processing partnerships designed to diversify its procurement of medical cannabis to deliver IMC-branded products to patients in Europe - and specifically in Germany - through its local subsidiary, Adjupharm GmbH.

“Europe is becoming the new frontier for medical cannabis as slowly but surely more countries, led by Germany, are embracing the use of cannabinoids for therapeutic purposes," Oren Shuster, CEO of IM Cannabis told Benzinga. "Our European growth plan is designed to capitalize on this potential by achieving an early mover advantage in the continent and leveraging our decade-long experience of building and operating a full-scale seed-to-patient medical cannabis enterprise in Israel.”