Canonic Announces Pre-Launch of its First Generation Medical Cannabis Products in Israel
REHOVOT, Israel — Canonic Ltd. announced today the pre-launch of its first-generation medical cannabis inflorescence products.
Canonic’s first product line, G-nnovation, is based on cannabis varieties that were selected and developed to express high levels of THC and premium consumer traits. As part of the pre-launch, G-nnovation products will be marketed in Israel to a limited number of licensed patients through Telepharma pharmacy, with whom Canonic recently engaged. Full commercial product launch in Israel is expected in 2022.
The pre-launch follows the successful completion of selection and development of the first-generation G-nnovation product line under Canonic’s Meta Yield product program, the approval of The Israel Medical Cannabis Authority of the product files, and the establishment of commercialization channels. With this, Canonic has completed its end-to-end cannabis value chain in Israel, from seed to product.
According to recent statistics, in July 2021 there were approximately 100,000 licensed patients in Israel that consumed approximately 20 tons of cannabis in the first 6 months of the year, with a total medical cannabis market in Israel estimated at $260 million per year. According to industry estimates, based on current growth rates, the Israeli market will reach approximately 250,000 patients by 2025.
Dr. Arnon Heyman, CEO of Canonic stated: “We are very excited to launch our first products in the Israeli market. 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.”
Mr. Ofer Haviv, Chairman of Canonic and CEO & President of Evogene, stated: “I am pleased to see that within a very short time, Canonic has built an impressive operation, which we expect will come into full fruition in 2022 with first commercial scale sales of medical cannabis in Israel. This milestone was achieved, in part, by using Evogene’s platform with its unique computational capabilities in the field of genomics, namely the GeneRator AI tech engine.”
Forward Looking Statements:
This press release contains “forward-looking statements” relating to future events. These statements may be identified by words such as “may”, “could”, “expects”, “intends”, “anticipates”, “plans”, “believes”, “scheduled”, “estimates”, or words of similar meaning. For example, Evogene and Canonic are using forward-looking statements in this press release when they discuss Canonic plans and timing for full commercialization of its products in Israel and its plans to penetrate to additional markets. Such statements are based on current expectations, estimates, projections and assumptions, describe opinions about future events, and involve certain risks and uncertainties which are difficult to predict and are not guarantees of future performance. Therefore, actual future results, performance or achievements of Evogene and its subsidiaries may differ materially from what is expressed or implied by such forward-looking statements due to a variety of factors, many of which are beyond the control of Evogene and its subsidiaries, including, without limitation, those risk factors contained in Evogene’s reports filed with applicable securities authorities. Evogene and its subsidiaries disclaim any obligation or commitment to update these forward-looking statements to reflect future events or developments or changes in expectations, estimates, projections and assumptions.
(This information is primarily sourced from Canonic Ltd. Highly Capitalized has neither approved nor disapproved the contents of this news release. Read our Disclaimer here).
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