Cure Pharmaceuticals on Tuesday announced that it has signed a memorandum to enter into a research collaboration with two Israeli companies.

The Oxnard pharmaceutical cannabis company will partner with Therapix Biosciences, a clinical-stage pharmaceutical company and Assuta Medical Centers, a private medical services center, to develop and commercialize potential products that include cannabinoid molecules.

Cannabis for medical use in Israel has been permitted since the 1990s. In March of this year the country officially decriminalized use of cannabis for recreational use.

"We are continuously looking to help bring new therapeutic cannabinoid-based products to market and further efforts toward the creation of personalized medicine," Robert Davidson, chief executive of Cure Pharmaceuticals, said in a statement. "Our new collaboration with two leading companies in Israel, a country that is at the forefront of cannabinoid-based research in the world, is the perfect place to start the development of these products."

Shares of Cure (CURR) on Tuesday closed down 35 cents, or less than 5 percent to $7.25 on the over-the-counter market.