An Israeli medical cannabis company has strengthened its position to capture the potential U.S. market by partnering with a New York center, Forbes reported on Thursday.
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Tikun Olam, Israel's first, largest and foremost supplier of medical cannabis, announced that it would work together with Compassionate Care Center of New York and applying to be a registered organization under New York’s Compassionate Care Act, according to Forbes.
Should it get a license from the State of New York, the CCC of NY will have exclusive rights in the state to Tikun Olam's medical cannabis strains.
“We have been waiting for the climate in America to be right for us to enter the market with pharmaceutical-grade products, and now that New York and other states have taken an FDA-styled extract-only approach, we feel we will have the greatest impact on patient health without the risks associated with a more loosely-regulated system,” said a spokesman for Tikun Olam, which in Hebrew means "repair the world."
Tikun Olam, which is privately held, has operated under license from the Israeli Health Ministry since 2007, according to the company.