The data from IMCA, which is part of Israel’s Ministry of Health, shows that the number of authorised medicinal cannabis patients in the country has more than doubled over the past two years to in excess of 70,000 per month.
Notably, medicinal cannabis flower is the most common form of cannabis prescribed followed by extracts and oils.
“Rapidly growing market”
Israel is now the world’s biggest importer of medicinal cannabis flower and the rapidly growing Israeli market provides an exciting opportunity for Creso Pharma to leverage existing in-country relationships to accelerate growth.
Creso Pharma non-executive director and head of technology, innovation and distribution Miri Halperin Wernli said: “The data coming out of the IMCA is tremendously encouraging and highlights the considerable potential that Creso Pharma has in this rapidly growing market.
“Israel is widely recognised as one of the most active and more progressive cannabis markets globally and the company is very confident it can continue to build on its existing partnership with Univo as it looks to capture a larger market position.
“Management is continuing to progress a number of business development initiatives in Israel and has several value catalysts on the horizon.”
Focused on further expansion
Israel is an important market for Creso Pharma and the company is confident that it can continue to benefit from the rapid uptake of medicinal cannabis amongst Israeli patients.
The company entered the Israeli market in April 2020, following the receipt of a C$775,000 purchase order from one of Israel’s leading medicinal cannabis company’s Univo Pharmaceuticals Ltd (TLV:UNVO) through wholly-owned subsidiary Mernova Medicinal Inc.
Creso has since received a second purchase order from Univo for its premium, cured and hand-trimmed dried medicinal cannabis flower, valued at US$625,690.
Further expansion into Israel remains a strong focal point and the company will continue to monitor the evolving legislative environment, as it progresses several business development initiatives to accelerate growth into this market.