Israeli startup Nextage to join forces with Tempo for cannabis-based drinks

A joint firm will also develop tech for the food and beverage industry

Shoshanna Solomon is The Times of Israel's Startups and Business reporter

Freshly harvested cannabis (iStock)
Freshly harvested cannabis (iStock)

Ness Ziona, Israel-based Nextage Innovation, a maker of cannabis-based products, said Monday it has entered into an agreement in principle with Israel’s Tempo Beverages Ltd. to set up a joint firm to develop cannabis-based products for the foods and beverage industries.

The joint venture will also develop and sell new technologies for the food and beverage industry, the two firms said in a statement.

Tempo, which produces, imports and markets alcoholic and non-alcoholic drinks, is Israel’s largest brewer and second-largest beverages firm. The firm is part owned by the brewer Heineken International Beheer B.V.

Nextage said in the statement that the joint venture is a “significant strategic milestone” to consolidate its position at the forefront of cannabis-based products.

Nextage Innovation holds a license from the Israeli Health Ministry for the development, testing and manufacturing of cannabis products, and was founded in 2018, according to the database of Start-Up Nation Central. The firm is soon to be part of the shell company Micromedic Technologies Ltd., a holding biopharmaceutical firm traded on the Tel Aviv Stock Exchange.

The firms said the company will be owned in equal parts and that a final agreement will be signed within 90 days.

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