An Israeli medical marijuana company is teaming up with a Canadian firm with the goal of opening four MMJ production facilities in the United States.
Israel-based Panaxia and the Canadian Bioceutical Corp. have signed a contract in which CBC will finance the four projects while Panaxia will oversee construction and then manage the operations, Israeli financial daily Globes reported.
The four new plants will be located in Arizona, Nevada, Maryland and Massachusetts, and the companies hope to have some of them up and running by the end of the year.
Both companies already have a presence in the United States.
Canadian Bioceutical – which trades as CBICF on the over-the-counter markets – announced in January it planned to operate two Arizona dispensaries through the acquisition of a management firm. Panaxia has an MMJ facility operating at full capacity in New Mexico.
The New Mexico facility is churning out “28 products, including sublingual tablets, lozenges, an inhaler, oils,” Panaxia managing partner Assi Robart told Globes.
Robart said the operation is generating $2 million in annual revenue from 10,000 units produced each month that are selling for $10-$15 apiece, according to Globes. He also said the New Mexico plant is being expanded and the four new plants will be even larger.