Together Pharma, a recently-incorporated Israeli medical-marijuana firm, announced on Sunday that it would relocate part of its cultivation outside of the country, amid regulatory uncertainty over whether exports would eventually be permitted.
The government reportedly told medicinal marijuana companies that their cannabis exports would be approved by 2018, according to industry employees. That persuaded the companies to embark on multi-billion-shekel investments, many of which could now be in jeopardy.
Not taking any chances, Together Pharma has now signed a memorandum of understanding with a foreign firm to establish a marijuana farm abroad, the company told the Tel Aviv Stock Exchange in a financial filing.
“Together Pharma is not dependent on [Prime Minister Benjamin] Netanyahu,” CEO and co-founder Nissim Bracha told The Jerusalem Post, alluding to how the prime minister is reportedly holding up the export plan despite ministerial approval.
Bracha added: “Now, we’re depending on ourselves, and we can do whatever we want from another country. If we can do this from Israel, we’d be very happy, we love the country… But if there won’t be exports allowed from Israel, our company will earn money from another country.”