Sheikh Medical: Additional sales agreements with pharmacies for NIS 25 million

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Sheikh Medical Group, the medical cannabis company owned by the Sarid family (approximately 65%), reports the signing of additional agreements for the marketing and sale of its products with four pharmacies amounting to approximately NIS 25 million. These agreements join a series of agreements signed by the company in June and the beginning of August, and according to the company’s estimates reach a combined volume of approximately NIS 157 million, through sales to 16 pharmacies in Israel.

The agreements will be valid for a period of 12 to 36 months and will allow pharmacies and customers a security dialogue regarding the continuity and availability of delivery.

As of April 2018, Sheikh has been selling its products, led by a series of ‘Nitzan’ products in pharmacies in Israel. Thanks to the upgrade of the growing facilities as well as the agreements with Talcan and another tower in the north of the country, Sheikh is expected to significantly increase production capacity and ensure the pharmacies a continuous and orderly supply of produce.

Sheikh Medical Group CEO Yogev Sarid: “Recently, we continue to strengthen our ties with pharmacies in the country and sign significant sales agreements that will ensure a continuous and stable response to the great demand for discourse products. These agreements are signed after an in-depth examination of the leading pharmacies in Israel and extensive experience gained in working with them and our patients.

We closely and regularly monitor the regulation in the field and believe that the formulation of a regulated policy by the State of Israel will allow a cure for a greater number of patients. The sales agreements for the pharmacies, which total NIS 157 million over the next three years, will make it possible to support the company’s investments in Israel and around the world in order to maintain our position as market leaders and further strengthen our financial strength. “

Sheikh is working to expand its global presence through subsidiaries in several countries around the world, including Greece, Portugal and the Netherlands. The company’s infrastructure in Europe includes the establishment of a breeding farm as well as a plant in Greece and the establishment of a breeding farm in Portugal. This is in addition to several collaborations with companies in North America to sell the company’s products and use the genetic knowledge of a discourse group to conduct research in the field of medical cannabis in collaboration with research institutes, universities and international companies.

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