An Israeli Israeli generic drugs and medical devices company has partnered with a New Mexico-based MMJ producer and dispensary operator in a bid to expand its interests across the globe.
Panaxia has perfected an extraction method that appealed enough to New Mexico’s Ultra Health that the two companies have teamed up to build a large processing plant on U.S. soil, according to the Israeli business website Globes.
Using Panaxia’s technology, Ultra Health will focus on developing precisely dosed medical products for New Mexico MMJ patients, Globes reported, by building a new processing facility in its home state. Ultra Health also operates in five additional states, meaning that the technology could spread quickly to other markets if it’s successful in New Mexico.
The deal also includes a commitment by Panaxia to purchase $250,000 worth of Ultra Health product.
Panaxia is exploring parallel deals with other growers in the United States.