Two Israeli companies have signed a deal to take the CBD cosmetic industry to a whole new level by combining the soothing cannabidiol with Dead Sea minerals.
Israel’s Together Pharma Ltd., a manufacturer and distributor of medical cannabis, has signed a deal with local skincare firm Premier Dead Sea Cosmetics Laboratories to produce the CBD-based line of therapeutic and cosmetic products, The Times of Israel reported on Monday.
The two companies will create a Europe-based joint venture for the CBD cosmetic line, according to a filing on Monday to the Tel Aviv Stock Exchange, where Together’s shares are traded.
Premier is expected to the supplier of the Dead Sea minerals-laden creams while Together will be funneling the joint venture firm with CBD, the non-psychoactive component found in cannabis, also known for its anti-inflammatory properties.
The filing said that the deal has a “big marketing potential.”
The joint venture will set up a packaging and processing plant in the second stage, stipulating Together to provide with a 2 million euro loan. Together will hold 51 percent of the joint company, while Premier will hold a 49 per cent stake.[share-btn]