Could Cannabis Help Heal Israel’s Corona Economic Crisis?


An initial shipment of Israeli medical cannabis products went to Israel via Passover – an important milestone for Israel’s largest manufacturer of medical cannabis products. Panaxia Israel Laboratories supplied medical cannabis products under the Panaxir brand from the company’s oil range after being selected by the government.The company has been working to bring its products to the European market for almost three years. Cyprus is the third country where Panaxia is welcome. It also exports to Germany and, more recently, to France. “The reputation we gain in such transactions will open doors in other countries and enable them to penetrate additional markets,” said Dr. Dedi Segal, CEO of Panaxia. After a year of economic crisis in the country – Panaxia was also badly affected – the company regards new exports as “a cure for the economic coronavirus crisis”. Co-founder Asi Rotbert told the Post that with nearly 200 employees in Israel – more than 1,000 if you count the cannabis growers it buys its raw materials from – entering the European market could mean “We can generate a huge flow of money.” Europe are creating to Israel and creating a lot more jobs. “During the COVID, the company was hit hard from a manufacturing and operational perspective.

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if (window.location.pathname.indexOf (“656089”)! = -1) {console.log (“hedva connatix”); document.getElementsByClassName (“divConnatix”)[0].style.display = “none”;} “There was a lot of quarantine and we had to work in capsules, which significantly increased production costs,” said Rotbert. But in Israel at least, the company hasn’t missed a single delivery. He said: “COVID has marginalized us in order to be able to deliver all products [requested]But we did it, so the patients had almost no influence. “Panaxia was founded by Dr. Eran Goldberg, Segal and Rotbert founded the cannabis division of Segal Pharma Group, which has been operating for over four decades and producing more than 600 products. It was the first cannabis company to receive approval from the Ministry of Health to manufacture cannabis-based medicinal products (IMC-GMP) and the only one in Israel to receive the European production standard EU-GMP from a health authority in the European Union required for the commercial export of medical cannabis to Europe. It produces dozens of medicinal cannabis-based products through its local operations and subsidiary Panaxia USA. These include sublingual tablets, lozenges, oils, inhalers, and more. Its products are not “drugs” and are not intended to cure diseases. Rather, they were developed to treat diseases such as post-traumatic stress disorder, cancer, chronic pain, epilepsy, and anorexia. “Most players started out as cultivators and breeders and switched to medicinal cannabis,” explained Rotbert. “We did it the other way around – we started in the pharmaceutical industry and moved on to medical cannabis.” He said the company believes cannabis can be extremely helpful for many indications, but that patients should never be asked to “smoke their drugs.” As such, they have spent more than six years researching and developing how to take the potent compound off the cannabis regimen and formulate it to work like any other drug. Despite the time and effort it took the team, Rotbert said, “It’s a lot more exciting than any high tech job I’ve done before because it’s not just a business for the first time in my professional career. I really see the patients, the people we help. Sometimes I work on weekends and holidays because I know there are patients on the other side. “The company is committed to delivering products to Israel, where the regulations changed in 2017 to allow them to sell their products. However, two years ago the focus was on the European market, where customers pay three times as much for the same product and because “competition in Europe is more restricted because the standards are much higher and the competition is lower”. Last year the company scored one commercial profit, making it the first Israeli company to set foot in Germany, a market that is expected to reach billions of euros within a few years. Earlier this year, the company was selected from 300 international companies to participate in a pilot program to open up the medical cannabis market in France. Panaxia will export two types of cannabis oils and two types of cannabis tablets to the country. Rotbert said entering the EU market is a complicated and long process. Aside from the EU GMP it has already achieved, each destination country has its own legal framework. In addition, each shipment must be subjected to an additional check. From a business perspective, however, the European market is the most promising. Although he has not been able to disclose which, he said, “more European countries are already underway.” “We have to keep moving,” he said, noting that the Israeli bureaucracy could also be simpler. “When that first shipment was sent [to Germany] That was the game and now we know we have to keep expanding – and we are in the best position to do that. “