Firms say the partnership will "multiply the power of both companies, the pharmaceutical industry and the medical cannabis industry"

Tikun Olam-Cannbit and Wavelength have established a novel partnership to jointly develop, manufacture and market active cannabis-based raw materials for the pharmaceutical industry.

The partnership will target the global pharmaceutical market to capitalise on the regulatory changes regarding cannabis exports.

Through the partnership, Tikun Olam-Cannbit — one of Israel’s major medical cannabis brands, developing more than 42 proprietary strains and four licensed IPs — hopes to expand its footprint in the pharmaceutical arena.

Wavelength, also an Israeli company, develops, manufactures, and exports active pharmaceutical ingredients (APIs) to more than 280 pharmaceutical companies in 50 countries.

Initially, both parties' R&D specialists will work together to develop a method for producing the final products that respond to the current requirements of the pharmaceutical market.

After completing this development stage, Tikun Olam-Cannbit will provide the cannabis plants and extract the THC and/or CBD oil.

From its EU GMP and US FDA-certified plant in Neot Hovav, Wavelength will then processes the oils to bring the concentration of the THC and/or CBD to a pharma-grade level of purity, as required by pharmaceutical companies.

Avinoam Sapir, General Manager, Tikun Olam-Cannbit said the "unique" partnership will provide the company with "an opportunity to add another link to the emerging value chain between the medical cannabis industry and the pharmaceutical sector".