The multinational Clever Leaves Holdings Inc. (NASDAQ: CLVR, CLVRW) has completed shipping its first commercial shipment of high-THC flowers to a partner in Israel.
On Monday, the company announced the shipment through a partnership with InterCure (Nasdaq: INCR, TSX: INCR.U, TASE: INCR) and patients in Israel will now receive its Colombian-grown pot. The partnership had already been announced in March this year.
As part of the long-term agreement, Clever Leaves will supply InterCure with high-THC strains that will follow several other genetics.
“Our partnership with InterCure has been in the making for a long time and we are delighted to be working with one of the most important names in Israeli medical cannabis,” said Andrés Fajardo, CEO of Clever Leaves.
“Israel has been a strategic market for Clever Leaves and InterCure’s position as a market leader further strengthens our growth plans in the region.”
He added that the partnership proves how well Clever sheets can meet the world’s toughest regulatory standards.
Clever leaves is a licensed producer of pharmaceutical grade cannabinoids and operates in Colombia and Portugal.
Shares of the company fell 4.88% on Monday to US$1.17 on the Nasdaq stock exchange.
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InterCure does business as Canndoc and is one of the fastest growing cannabis companies outside of North America and the largest licensed cannabis producer in Israel. It is one of the first companies to be certified for GMP practices for pharmaceutical grade pot products.
“We are thrilled to see the first fruits of our successful partnership with Clever Leaves,” said InterCure Alex Rabinovitch.
“This first import is just the first step in our long-term partnership and a testament to our teams’ abilities to meet the stringent and demanding regulatory requirements of Israel’s pharmaceutical-grade medical cannabis market.”
InterCure stock rose 3.07% Monday to $6.04 on the Toronto Stock Exchange.