Cannbit -Tikun Olam Israel Received EU-GMP certification from the German Federal Ministry of Health for the production, export, and market of medical cannabis to Europe

TEL AVIV, Israel, Aug. 22, 2022 /PRNewswire/ -- Cannbit-Tikun Olam Israel (TASE: TKUN), Israel's medical cannabis pioneer, today reported that the company's production facility in the north of Israel and cultivation farm at the Dead Sea were received the EU-GMP certification which, required for the commercial export of medical cannabis to Europe.

This certification will make it possible to implement the agreements with German pharmaceutical company, Fette Pharma, according to which Cannbit-Tikun Olam Israel will export its products to Germany, Austria, and Switzerland.

EU-GMP certification is required for the production, export, and marketing of pharmaceuticals throughout Europe; The certificate also applies to medical cannabis products that are defined in the European Union as pharmaceutical products available by medical prescription. The new certification will allow the company to implement the production and marketing agreements it signed to produce medical cannabis products and develop innovative administration methods that can be implemented for the various medical uses of cannabis.

As part of this effort, the company will act to sign additional global production agreements, through which the company's line of products based on clinical research will be marketed in commercial quantities worldwide.

The company is joining the highly select group of international medical cannabis companies with EU-GMP certification, which enables export and market according to the emerging global regulation.

Avinoam Sapir, CEO of Cannbit-Tikun Olam said, "Receiving the prestigious European certification is the company's most important strategic move to date and is a true breakthrough for our company and the entire Israeli cannabis industry. Now having the certificate, we can provide an alternative for some chemical drugs, which is a clinically proven solution to improve patients' quality of life worldwide.

From now on, our clinical research-based indication-specific products and in the future unique and innovative administration forms will be sold in European pharmacies, I invite pharmaceutical companies to join us to plant the seeds of the future."

About Cannbit – Tikun Olam Israel

Tikun Olam Israel was founded in 2006 and was acquired Cannbit Pharmaceuticals in 2019 The company is Israel's first and leading cannabis supplier, engaged in breakthrough clinical research and recognized worldwide as a modern medical cannabis industry pioneer. Since its establishment, Tikun Olan Israel has treated tens of thousands of patients in Israel with various diseases, from children to the elderly, and has the most extensive experience in the world in treating patients and alleviating their suffering through medical cannabis. The company has over 15 years of clinical research experience and over 35 clinical and preclinical studies, many of which have been published in the world's most prestigious scientific publications. The company operates down the entire length of the medical cannabis value chain, ensuring an ecosystem that combines the values of sustainability, continuity of care and standardization of the quality of its products.

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SOURCE Tikun Olam Cannbit