According to a report published by Reuters, Teva Pharmaceutical Industries Ltd. (TEVA) has entered the medical cannabis market and signed a collaboration agreement with Israel-based medical cannabis firm Tikun Olam-Cannbit Pharmaceuticals Ltd.
Don't Miss our Black Friday Offers:
- Unlock your investing potential with TipRanks Premium - Now At 40% OFF!
- Make smarter investments with weekly expert stock picks from the Smart Investor Newsletter
As per the terms of the agreement, Teva will sell medical cannabis products manufactured by Tikun Olam-Cannbit. These products, which are administered as oils, will be sold to patients in the Palestinian Authority, Israel, and Ukraine.
The agreement is for a period of 10 years with an option to extend by an additional nine years.
Yossi Ofek, CEO of Teva Israel, said, “Today, it is clear to many in the pharmaceutical industry and in the medical community that use of oils produced from specific cannabis strains may provide additional treatment options and respond to unaddressed medical needs of patients.”
About Teva
Teva specializes in generic drugs. It also manufactures active pharmaceutical ingredients and proprietary medicines. The company’s product portfolio includes more than 550 generic drugs, and it currently has around 100 first-to-file applications pending in the U.S.
Overall, the stock has a Hold consensus rating based on 2 Holds. The average Teva Pharmaceutical Industries stock forecast of $10.00 implies 18.2% upside potential. Shares have lost 18.2% year-to-date.
Hedge Fund Confidence
TipRanks’ Hedge Fund Trading Activity tool shows that confidence in Teva is currently Neutral, as the cumulative change in holdings across the seven hedge funds that were active in the last quarter was a decrease of 119,800 shares.
Related News:
Alibaba Summoned by Chinese Regulator over Live Streaming Irregularities – Report
Dutch Authorities Order Apple to Change its In-App Payments Policies
Russian Court Fines Google, Meta Over Banned Content – Report
