Israeli company Panaxia to set up 4 US cannabis factories

Lod-based Panaxia, which already operates a plant in New Mexico, is partnering with Canada's Bioceutical Corp. on medical cannabis.

Israeli company Panaxia, selected 18 months ago to set up a plant in New Mexico for producing medical cannabis products, has announced the signing of a new contract for setting up four more plants in the same style in other US states. The first plant began production six months ago.

The new agreement is with Canadian Bioceutical Corporation, listed on the Canadian Securities Exchange at a $70 million market cap. The Canadian company, which is active primarily in the US, will finance the project, provide the cannabis, and market the products in selected states. Panaxia will build and manage the factory, and provide all the elements of the drug other than the cannabis itself.

Panaxia managing partner Advocate Assi Rotbart says, "Last March, we started marketing the products from the New...

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