Nabis and Panaxia form JV to launch pharma grade cannabis products in Arizona28 Jan 2020
Canadian investment firm Nabis Holdings said Tuesday it has agreed to form a joint venture with Israeli pharmaceutical company Panaxia to launch a range of cannabis-based pharmaceutical products in the US state of Arizona in the second half of 2020.
Under the terms of the memorandum of understanding, Panaxia’s pharma grade products will be manufactured in Arizona’s first operating EU GMP facility at Nabis’ 44,000 square foot Camp Verde cultivation and production facility.
Nabis will provide the raw materials for production of the products and will also be responsible for sales, marketing and distribution through its local dispensary and wholesale channels, while Panaxia will be responsible for production, clinical affairs and quality.
All products of the joint venture will be sold under the Panaxia brand, of which Nabis owns 50% in Arizona.
“We are excited to partner with Panaxia to develop a variety of new, high quality, pharmaceutical grade products using proven EU GMP standards to meet the evolving needs of our patients,” said Shay Shnet, CEO and Director of Nabis.
Nabis said there is also an opportunity for the two companies to expand their joint venture into additional states in the US.
Panaxia was the first company to receive Israel Ministry of Health approval to make medical cannabis-based drugs and has authorization to manufacture and distribute medical cannabis in Israel.
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