Israeli manufacturer and developer of medical cannabis Together Pharma has joined forces with local skincare firm Premier Dead Sea Cosmetics Laboratories in a partnership that will see the pair develop a line of therapeutic and cosmetic products that contain both the cannabidiol compound CBD and dead sea minerals.
As part of the venture the two companies will set up a joint venture listed in Europe with Premier supplying creams and Together Pharma supplying the CBD compound, according to a filing to the Tel Aviv Stock Exchange this week.
Together Pharma is providing a €2 million loan to the venture and will hold a 51 percent stake, with Premier holding the remaining 49 percent.
According to the filing the deal will only be cemented once they have asserted that CBD can successfully be integrated into the Premier cosmetics products, with the companies suggesting that the manufacturing of the joint products have ‘big marketing potential’.
The companies will initially use subcontractors in order to develop the raw materials into a final product, with the second stage of the venture being to establish a processing and packaging plant. Following the development of the plant, Premier will also be able to manufacturer its other cosmetics products at the site.