July 1, 2018 / 2:05 PM / 10 months ago

Israel's Together to set up cannabis farms in Europe

JERUSALEM, July 1 (Reuters) -

* Israel’s Together said on Sunday it signed a binding deal with an entity in the European Union to set up 30,000 square metres of greenhouses and a processing facility for the export of medical cannabis from Europe.

* Together will hold 51 percent of a new company that will be set up, while the unnamed partner will own 49 percent.

* The partner, Together said, will provide the company with land for operating its activities in a foreign country while Together will provide the know-how and skills, it said.

* Financing the operations will be implemented with an owner’s loan.

* Together has said it would seek to set up additional farms outside of Israel since it had yet to receive an export license from the Israeli government.

* The agreement “represents the fulfilment of the company’s business strategy to operate from several locations worldwide and is due to the legalization process in, among other places, North America, which will create a high rate of growth and demand for cannabis products,” CEO Nissim Bracha said.

* Last month, Together signed a deal worth at least $300 million to supply cannabis products to a Canadian company. (Reporting by Steven Scheer)

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