TEL AVIV, Israel and ALBUQUERQUE, N.M., March 23, 2020
Panaxia Israel has just imported from the US hemp extracts from which it will manufacture CBD-rich cannabis products
Essence extraction was conducted in a facility jointly operated by Panaxia and Ultra Health located in New Mexico, US
Dr. Dadi Segal, Panaxia CEO: "We are pleased to be able to extend care to our patients in Israeli who are in acute need of this service, among whom is a large group of children diagnosed with epilepsy or the autistic spectrum"
TEL AVIV, Israel and ALBUQUERQUE, N.M., March 23, 2020 /PRNewswire/ -- Panaxia (TelAviv: PNAX), the largest manufacturer and distributor of pharmaceutical cannabis products in Israel, and its partner Ultra Health have announced the arrival in Israel of the first shipment of hemp extract, having been awarded a first-of-its-kind permit to export cannabis oil from the US to Israel.
This unique license was granted to the companies in light of their recent qualification to manufacture and distribute at their joint New Mexico (Bernalillo) facility, including hemp extracts of particularly low (<0.3%) THC concentrations. The companies have recently been licensed to manufacture products at the New Mexico facility and distribute them throughout the US. The facility was designed by Panaxia US and is operated by it while Ultra Health supplies raw materials and distributes the products. Manufacturing had begun this month, and the extracts delivered to Israel will be used in the manufacture of CBD-rich medicinal cannabis products under the premium brand of Axiban.
Panaxia aims to produce within a short period of time an inventory large enough to satisfy several months of demand of all Israeli patients requiring this care. The products are designated for the Israeli market only and may not be distributed outside of Israel. Panaxia's CBD-rich oil is targeted at specific group of patients that require a miniscule dose of THC (categories C20, C24) among whom is a large group of children suffering from epilepsy or autism spectrum disorder (ASD).
Dr. Dadi Segal, Panaxia CEO: "We are pleased to be able to extend care to our patients in Israeli who are in acute need of this kind of medicinal cannabis care. Panaxia's superb R&D capabilities combined with the added value of a high-quality strategic company such as Ultra Health prove themselves time and again, especially with regard to the high quality of the products and stringent regulatory compliance."
Duke Rodriguez, President and CEO of Ultra Health
We are grateful to the New Mexico Environment Department and the New Mexico Department of Agriculture, who had a key role in making all of this happen," said Duke Rodriguez, CEO, and President of Ultra Health®. "Based upon the success of this historical export and import, today we have agreed to buy 1,000 pounds more of New Mexico-produced hemp to begin expanding production further.
About Ultra Health
Ultra Health is New Mexico's #1 Cannabis Company and the largest vertically integrated medical cannabis provider in the United States. The provider currently operates 20 dispensary locations statewide, with another 10 stores slated to open by the second quarter of 2020. Ultra Health provides unparalleled medical cannabis care by producing accurately dosed, smokeless cannabis products such as sublingual tablets, oils, pastilles, suppositories and more through its partnership with Israeli pharmaceutical group Panaxia. Ultra Health has been at the forefront of patient-rights issues and continues to fight for adequate supply and rural access in the New Mexico medical cannabis market.
About Panaxia Israel
Panaxia Israel (www.panaxia.co.il) is part of the pharmaceutical group of the Segal family, operating for over four decades, and manufacturing over 600 different pharmaceutical products, which it distributes in over 30 countries. Panaxia was founded by Dr. Dadi Segal, Dr.Eran Goldberg and Assi Rotbart, LL.b, and constitutes the Group's cannabis division. In addition, the sister-division of North America manufactures over 60 pharmaceutical products based on medical cannabis, including sublingual tablets, oral tablets, oils, inhalers, and more, intended to treat conditions such as post-traumatic stress, cancer, chronic pains, epilepsy, anorexia, burns, and many other medical conditions. Panaxia employs around 90 employees and all clinical experiments are conducted by the company.
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