April 17, 2018 / 11:02 AM / 2 years ago

Israel's Together signs deal to grow cannabis in foreign country

FILE PHOTO: A marijuana plant is seen in a field of marijuana in Guachinango February 6, 2012. REUTERS/Alejandro Acosta

JERUSALEM (Reuters) - Israel’s Together said on Tuesday it plans to grow up to 25 acres (10 hectares) of medical cannabis in a foreign country in a deal that could bring annual sales of $75-$300 million, depending on the size of each harvest.

Together did not name the country or the local company with whom its subsidiary, Globus Pharma, signed the deal.

The first crops could be ready by the first quarter of 2019, the company said.

Under the deal, Globus Pharma will own 51 percent of the venture and the local partner will hold the remaining 49 percent.

Together said on Monday it had agreed to sell 5 tonnes of cannabis oil to an unnamed Canadian company that will potentially bring revenue of hundreds of millions of shekels.

Reporting by Ari Rabinovitch, Editing by Tova Cohen

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