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CS MEDICA's CANNASEN® Pain Patch has made history as the first-ever Over-the-Counter (OTC) product with CBD to receive approval from Israel's Ministry of Health. This milestone achievement now opens the door for the full portfolio of CANNASEN® Medical device products under the Forbe Healthcare Ltd. agreement to enter the Israeli market.
Back in June 2022, CS MEDICA ("CS MEDICA" or the "Company") signed an agreement with Forbe Healthcare Ltd. covering Israel and Palestine. The agreement comprised the complete range of CANNASEN® Medical device products, with a contract of 852,000 units amounting to DKK 37.1 million in revenue to be distributed over 3.5 years. However, local Israel's Ministry of Health approval was required for the products to enter the Israeli market. With the first CANNASEN® product now approved with a pending order, CS MEDICA can move forward with the approval process for the remaining products in its portfolio, intended for the Israeli market.
Lone Henriksen, CEO of CS MEDICA, pronounces:
"We at CS MEDICA are thrilled and proud to have achieved the distinction of being the first to introduce an OTC product with CBD to the Israeli market. This milestone is a testament to our commitment to developing innovative and effective Medical products under the CANNASEN® brand, and we look forward to bringing the full range of our CANNASEN® products to patients in Israel with the help of our partner, Forbe Healthcare."
Forbe Healthcare Ltd. is a company focused on providing high-end healthcare products and services, striving to meet the everyday healthcare needs of consumers through innovative, high-quality, well-established, evidence-based products and solutions with a reach to all pharmacies and hospitals in both markets.
In cooperation with Forbe Healthcare Ltd, CS MEDICA confers a competitive edge, currently unparalleled in the Israeli CBD market. As the initial entrant with CBD products in the Israeli market, CS MEDICA can establish a prominent position in the emerging Israeli CBD market that currently features the CANNASEN® product portfolio as the initial offering.
As per the agreement between CS MEDICA and Forbe Healthcare Ltd., this now opens for expanding into the Palestinian market. The market of CBD products in Palestine is relatively untapped and has significant growth potential, with a population of over 5 million people and an increasing demand for innovative and high-quality CBD products. By leveraging CS MEDICS's partnership with Forbe Healthcare Ltd., the company can potentially expand its Israeli competitive edge into the Palestinian market.
Moreover, this is a significant milestone for CS MEDICA as it expands its global footprint beyond Europe and opens doors to new markets in the Middle East and Asia where CBD regulations are stricter.
CS MEDICA's Pain Patch is a CBD-infused transdermal patch that provides targeted pain relief for patients suffering from pain. The patch is made with high-quality CBD crystals and natural ingredients, making it safe and effective for long-term use[i].
The approval of CS MEDICA's Pain Patch by the Ministry of Health in Israel is a significant step forward for the company. It demonstrates the growing acceptance and recognition of the Company's Medical Devices, as a safe and effective treatment for a variety of health conditions.
[i] Learn more about CDS MEDICA's CANNASEN® Pain Patch at the Press release (https://news.cision.com/cs-medica-a-s/r/cs-medica-a-s-announces--proof-of-concept--with-successful-clinical-trial-results-of-cannasen--pain-,c3749798), of Fri, Apr 14, 2023.