Evogene Subsidiary Canonic Receives Approval For Propagation Of Medical Cannabis From Israel Medical Cannabis Agency
This approval will allow Canonic to proceed with the execution of its commercialization plan
REHOVOT, Israel, Nov. 11, 2020 /PRNewswire/ — Canonic, a wholly owned subsidiary of Evogene Ltd. (NASDAQ:EVGN), (TASE: EVGN) focused on the development of medical cannabis products, announces today receiving an IMC-GAP approval from the Israel Medical Cannabis Agency for the commercial operation of its propagation farm. This approval will allow Canonic to proceed with the execution of its commercialization plan of medical cannabis products.
Canonic's propagation farm, which was established during 2020 and is now fully operational, is designed for the propagation of cannabis seedlings from its R&D greenhouses. These seedlings are expected to be further cultivated by third-party certified medical cannabis growers. The company intends to establish a value chain from genomics to the end-product, with certain parts of the value chain outsourced to sub-contractors. The company intends to deliver its first batch of seedlings to such cultivation farms during 2021.
Canonic is currently in contact with a number of industry companies, in Israel and outside of Israel, in order to establish its sub-contracting cultivation capacity. As previously announced, Canonic intends to reach initial sales in Israel in 2022.
© 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.