Israel generic drugs and medical devices company Panaxia has signed an agreement with Ultra Health, the leading medical cannabis distribution company in New Mexico, to build a cannabis processing plant. The plant will be built on one of Ultra Health’s farms in New Mexico, and its products will be marketed in the US by Ultra Health.
Panaxia said that the six-month pilot project would include a commitment to buying merchandise for $250,000. Ultra Health operates in five US states besides New Mexico, providing potential growth for Panaxia’s business. At the same time, Panaxia is also negotiating similar agreements with other US growers.
Panaxia Medical Devices and Pharmaceuticals is a private group of three companies – Panaxia Ltd., Tree of Life Pharma, and Maayan Haim Pharmacy with a business turnover of tens of millions of dollars a year. Founded 40 years ago as a chain of pharmacies, Maayan Haim is now a factory