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Canopy Rivers Inc (TSE: RIV) (OTC:CNPOF) portfolio company BioLumic has received approval from the New Zealand Ministry of Health to use ultraviolet light technology in medical cannabis farming.
Other crops like strawberries have shown an increased yield of up to 60% with the technology, according to Canopy Rivers. The permit from the New Zealand Ministry of Health allows for the first use of the company's UV technology in the cannabis market.
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BioLuminic is partnering with two cannabis companies to research the technology: the Canopy Rivers portfolio company James E. Wagner Cultivation Corporation (TSE: JWCA) (OTC:JWCAF) and the Auckland-based medical cannabis firm Helius Therapeutics.
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"The partnership between BioLumic and JWC is another sign of strong collaboration in the Canopy Rivers ecosystem," Narbé Alexandrian, the president and CEO of Canopy Rivers, said in a statement.
"We expect that BioLumic's expertise in non-cannabis agriculture technology will help cannabis cultivators like JWC produce high-yield, sustainable strains that meet consumer demands and patient needs."
BioLumic Chief Science Officer Jason Wargent said working with Canopy Rivers opened the door for BioLumic's expansion into cannabis, and it's starting with the application of the company's technology to the plant.
The research will combine the control of plant signaling responses to UV light and artificial intelligence to improve the yield of cannabis crops.
Canopy Rivers invested in BioLumic as part of a Series A financing round In May 2019.
27% profits every 20 days?
This is what Nic Chahine averages with his options buys. Not selling covered calls or spreads... BUYING options. Most traders don't even have a winning percentage of 27% buying options. He has an 83% win rate. Here's how he does it.