Medical cannabis is now the latest frontier in Israel-Canada business ties, as the British Columbia-based international cannabis company Allied Corp. has entered into an agreement with the University of Haifa’s commercialization and business arm that will target the treatment of Post-Traumatic Stress Disorder (PTSD) and related mental health conditions.
Under the newly signed Master Services Agreement, the University’s wholly owned subsidiary Carmel – University of Haifa Economic Corporation Ltd. has provided British Columbia-based Allied Corp. with a proprietary pre-clinical animal model that enables Allied to pursue specialized pharmaceutical cannabinoid research and pharmaceutical product development.
With its new access to the Carmel-owned animal model as well as University of Haifa’s world-class laboratory facilities and scientific faculty, Allied will be able to conduct the pre-clinical phase of the development of AC001, the pharmaceutical product it is developing for the treatment of mental health conditions. After completing both the pre-clinical research phase and human clinical trials for AC001, Allied will seek to market and license the product globally.
“By partnering with Allied to pioneer the treatment of PTSD and other mental health conditions through medical cannabis, Carmel and University of Haifa are once again proudly leveraging the greatest potential in Israeli ingenuity and technology for the purpose of addressing the world’s most pressing challenges,” said Elka Nir, CEO of Carmel Ltd. and Carmel Innovations.
Carmel – University of Haifa Economic Corporation Ltd. serves as the commercialization and business arm of the University of Haifa. Carmel-Haifa collaborates with various partners and establishes ventures, companies and funds with the goal of maximizing the business potential of commercializing research and knowledge developed at the University.
David Weinkauf, VP of Pharma Development for Allied, added, “This is the first important step towards Allied bringing an academically validated pharmaceutical product to those who need it most: those people around the globe who have given of themselves to serve their country and are now suffering with PTSD.”