Israel-based OWC Pharmaceutical Research (OTCQB: OWCP) and Denmark-based StenoCare A/S are teaming up to develop new cannabis-based medical products for ‘interesting markets.’

The companies have signed a memorandum of understanding to develop cannabis-based medical products. The parties are interested in jointly developing and promoting the sale and distribution of products within StenoCare’s current core markets (Denmark, Ireland) and potentially in new territories.

StenoCare will provide its cannabis raw materials and experience relating to supply and distribution of medical cannabis-based products in Denmark and Ireland, while OWC will provide its expertise in medical research and clinical trials for cannabis-based novel therapeutic products and treatments.

The first product candidate will be a sublingual tablet with specified medical cannabis ratios designed to meet specific needs of patients according to their diagnosis and responses to treatment.

The jointly-developed products are expected to be launched during 2021 and 2022, subject to obtaining relevant approvals and licenses.