Israeli pharmacy chain Super-Pharm today began selling medical cannabis at 25 branches. BOL Pharma will be Super-Pharm’s main supplier and the pharmacy chain plans to expand its medical cannabis sales to 50 branches..
Up until now, medical cannabis was available only at the Abarbanel Mental Health Center and special stores belonging to the Tikun Olam supplier in Tel Aviv.
Under new regulations, medical cannabis will be issued only by prescription in a medically prescribed dosage. In contrast to the situation up until now, however, in which products were sold at a uniform price per prescription, regardless of dosage, the price will now be determined according to dosage and the concentration of active ingredients THC and CBD in the product.
BOL’s products at Super-Pharm will be priced at NIS 120-140 per 10 grams, a higher price per gram than consumers have paid up until now. It is believed, however, that consumers will receive a lower dosage calculated more precisely according to their needs, and the total price will therefore not be significantly different.
BOL CEO Dr. Tamir Gedo said, “Cannabis consumers will now benefit from a better product. Despite higher production costs resulting from improved quality and standards, the price will be more attractive than the pricing method before the reform. BOL Pharma has tried to lower the price to the consumer, so that 90% of its customers will pay NIS 240-360 per month, compared with NIS 370-470 under the current arrangement. We are talking about an average price cut of 30% for 90% of the patients. Because of the enhanced quality of the product, patients will now get a cleaner product with a better shelf life and reproducibility that facilitates more effective treatment.”
The share price of Amir Marketing and Investments, a marketer of agricultural products that plans to invest $27 million in BOL Pharma, rose 2.18% today, pushing its market cap up to NIS 437 million. The fact that BOL Pharma is Super-Pharm’s main supplier, giving it prominence on the chain’s shelves and increasing doctors’ awareness of the product, provides the company with an advantage over other cannabis companies in the Israeli market.
All of the cannabis products will be issued by special pharmacists trained in instructing the patients how to consume the product, which will come in the form of a raw flower, cigarettes, or oil.
Super-Pharm CEO Nitzan Lavie said, “We are proud to cooperate with the Ministry of Health, and take part in this important reform, and make the service accessible to tens of thousands of patients in need of medical cannabis. Super-Pharm’s pharmacies are deployed nationwide and open at flexible hours, and I am confident that this will come as a great relief to patients. Beyond the quality and advanced laboratory, it was also important for us in selecting a supplier to ensure that the average price to the consumer would be preserved, and I am glad that we succeeded in this.”