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Canonic Announces the Israeli Pre-Launch of its First-Generation Medical Cannabis Products

Ryan Allway

August 31st, 2021

News

Canonic Ltd, a 100% owned subsidiary of Evogene Ltd. (NASDAQ: EVGN) (TASE: EVGN), a company focusing on the development of medical cannabis products, announced today the pre-launch of its first-generation medical cannabis inflorescence products.

G-nnovation, Canonic’s initial product line, is based on cannabis types that have been chosen and bred to express high quantities of THC[1] as well as premium consumer features. G-nnovation products will be marketed to a limited number of licensed patients in Israel as part of the pre-launch through Telepharma pharmacy, which Canonic recently partnered with. In Israel, the full commercial introduction of the device is scheduled in 2022.

“We are very excited to launch our first products in the Israeli market,” said Dr. Arnon Heyman, CEO. “We achieved this milestone in a very short time due to our experienced team and strong computational biology capabilities. I see this as our first step in fulfilling our vision to become a leading global medical cannabis company. The initial launch in the Israeli market is only the beginning of our journey towards penetration to additional markets abroad.”

The pre-launch follows the successful completion of Canonic’s Meta Yield product program’s selection and development of the first-generation G-nnovation product line, as well as the approval of the product files by The Israel Medical Cannabis Authority (IMCA) and the establishment of commercialization channels. Canonic’s end-to-end cannabis value chain in Israel, from seed to product, is now complete.

According to recent figures, there were over 100,000 approved patients in Israel in July 2021, who consumed approximately 20 tons of cannabis in the first six months of the year, with the whole medical cannabis market in Israel projected to be worth $260 million each year. According to industry forecasts, the Israeli market will reach around 250,000 patients by 2025, based on current growth rates.

This article was published by CFN Enterprises Inc. (OTCQB: CNFN), owner and operator of CFN Media, the industry’s leading agency and digital financial media network dedicated to the burgeoning CBD and legal cannabis industries. Call +1 (833) 420-CNFN for more information.

About Ryan Allway

Mr. Allway has over a decade of experience in the financial markets as both a private investor and financial journalist. He has been actively involved in the cannabis industry since its inception, covering public and private companies.

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