JERUSALEM (Reuters) - Israel’s Medivie Therapeutic said on Sunday it signed a $110 million deal to grow and export medical cannabis to an international financial investor over a four year period.
The deal is dependent on Israel allowing export of medical cannabis, a decision the company said it expects to come in the near future. It did not identify the buyer.
Medivie said in a statement to the Tel Aviv Stock Exchange that it would grow the cannabis on 25 acres (10 hectares) either in Israel or a different country.
Medivie said it will provide the investor with 50 percent of production on the land, up to a maximum of 50 tonnes a year.
The company said it has 50 acres in agricultural land and is in talks with other entities to sign similar deals on the remaining land. It is also in talks to grow medical cannabis in Europe.
Reporting by Ari Rabinovitch, Editing by Tova Cohen
Our Standards: The Thomson Reuters Trust Principles.