Redfund Capital Corp (CSE:LOAN) (OTCMKTS:PNNRF) announced Monday that it will partner with Fantasy Network Ltd of Tel Aviv, Israel to joint venture medical cannabis projects.
Both companies have entered into a strategic cooperation agreement to form a foundation to JV opportunities in the Israeli medical cannabis sector, according to a statement.
This agreement enables Redfund to have a partner in Israel to evaluate potential acquisition and financing of medical cannabis, CBD, and hemp companies in the region.
The signed agreement provides a framework for Redfund to be able to access projects currently controlled by Fantasy or under negotiation primarily in Israel.
Redfund will also assist Fantasy to license patented Israeli medical technology and cannabis delivery systems outside of Israel, as well as provide capital alongside Fantasy to medical cannabis companies. The term of the agreement is for three years.
Fantasy on June 5 announced the appointment of Redfund CEO Meris Kott as an investment advisor to their company. Kott recently met with management in Tel Aviv and reviewed Fantasy’s current medical Cannabis portfolio with the aim to begin immediately.
Globally known as the best in class, Israel has a plethora of cannabis researchers, farmers, and entrepreneurs all focused on medical cannabis. The Israeli government has given support to the industry since 1973 and with recent approval from the Israeli parliament to export Israeli products, the global market is now open for Israeli companies to expand worldwide.
“Israel is home to novel cannabis drug delivery devices, patented grow and planting technologies, holistic cannaceuticals and pharma-grade medical cannabis,” said Kott.
“The people and companies I was introduced to during my trip to Tel Aviv, assures me that Redfund’s partnership with Fantasy will be a lucrative relationship for both our stakeholders.”
He added that Redfund is already in discussions to bring Israel medical cannabis based companies global with Israeli licensing agreements with Canadian licenced producers and distribution contracts in other countries where medical cannabis is legal.
Redfund provides debt and equity funding to companies in the medical cannabis community.
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