Greenhouse complex cooperation agreement for growing medical cannabis
The cooperation between Globus Pharma and Yamco - Yadpaz operate a greenhouse complex covering an area of up to 25 acres
Globus Pharma, which specializes in the medical cannabis sector and operates under Together, has signed an agreement with Yamco-Yadpaz to implement the establishment of a greenhouse complex for growing medical cannabis in a foreign country, in an initial area covering 3.75 acres.
This follows Together‘s announcement that Globus has signed a bonding and detailed cooperation agreement to set up and operate a greenhouse complex covering an area of up to 25 acres in a foreign country outside of Israel, for the purpose of growing, producing, marketing, and exporting medical cannabis and its products, of an amount of up to 60 tons annually, according to the order backlog that will be received.
As part of the agreement for implementing construction, Yamco-Yadpaz will provide Globus with irrigation, dripper, cooling and fertilizer systems from Netafim, ventilation systems and other required advanced technological systems to ensure suitable conditions that comply with the G.A.P. standard for growing medical cannabis.
Setting up the greenhouses will begin immediately and irrigating the greenhouses and beginning growing will start within four months from the date of signing the agreement. Upon completion of the first stage of the project, the expected total yield should be about 15 tons of cannabis inflorescences annually. The remainder of the land held by Globus totaling 21.25 acres is earmarked for the expansion of the project in the foreign country in the subsequent stages, subject to marketing and distribution agreements that have been signed and will be signed with strategic entities.
Globus Pharma Founding Partner Nissim Bracha: The signing of the agreement with Yamco-Yadpaz marks the commencement of the actual implementation of setting up our greenhouse complex in a foreign country amounting to 3.75 acres out of 25 acres in the first stage, which are at our disposal there, and follows the binding agreement for setting it up that we recently announced.
The first stage of the project will enable us to create substantial revenue from growing medical cannabis alongside our export operations from Israel, which we will begin with the receipt of an export permit granted by the Israeli government .
We are working continually to begin growing medical cannabis of the highest quality that meets the strictest standards in the field, under the management of expert growers with extensive and deep practical knowhow in growing medical cannabis for about 20 years during which time they set up, managed, and operated growing and production complexes for medical cannabis and its products. Alongside setting up a complex overseas, we are continuing to establish a farm and factory in southern Israel and striving to sign agreements with international players in the cannabis sector with the aim of supplying the first produce by the start of 2019, while creating value for our shareholders.”