Israel's Cannbit eyes medical cannabis growth, export in Portugal

[December 03, 2018]  JERUSALEM (Reuters) - Cannbit <CPHO.TA>, an Israeli grower of medical cannabis, said on Monday it was examining the possibility of establishing a cannabis farm in Portugal as part of its strategy to expand outside of Israel.

An employee sorts freshly harvested cannabis buds at a medical marijuana plantation in northern Israel March 21, 2017. REUTERS/Nir Elias/File Photo

Cannbit said it was possible to grow medical cannabis in Portugal and export it from there, with the necessary licenses and permits required by authorities in the country.

"We continue to implement our growth strategy, which includes the establishment of farms in Israel and abroad, in order to grow medical cannabis and sell it both in Israel and abroad," said CEO Yaron Razon.

He noted that includes sales to Canada's Namaste, which bought a 10 percent stake in Cannbit in June even before the firm receives an export permit from Israel.

Export of medical cannabis in Israel is not yet allowed but the government has been reviewing the matter after taking initial steps toward creating an export policy.

(Reporting by Steven Scheer; Editing by Maayan Lubell)

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