TEL AVIV, ISRAEL, March 09, 2021 (GLOBE NEWSWIRE) -- Saffron Tech, a subsidiary of Seedo Corp. SEDO, today announced it has entered an agreement with the Agricultural Research Organization (ARO), Volcani Center to develop propagation protocols for growing high-quality and high-yield saffron year-round. Saffron Tech hopes to disrupt the billion-dollar saffron market with its innovative indoor vertical growing technology that offers an alternative to traditional farming methods that are labor-intensive. Entering this agreement is a major milestone for Saffron Tech who is looking to produce a reliable source of saffron for mass operations.
"Entering this agreement with ARO, Volcani Center puts Saffron Tech in a strong position for fast growth and ultimately bringing our vertical growing technology to market," says David Freidenberg, CEO, Seedo Corp and Saffron Tech. "The pandemic has shown the world that our food supply chains are vulnerable and developing solutions can help with food security and democratizing foods like saffron."
ARO Volcani Center is Israel's largest and most prestigious agricultural research center. As a research powerhouse, the Volcani Center is responsible for developing Israel's agricultural innovations and IP.
Reuters reported that "Investments in global indoor farms totaled a record-high $500 million in 2020." This article also stated that "A big funding acceleration lies ahead, after pandemic food disruptions - such as infections among migrant workers that harvest North American produce - raised concerns about supply disruptions."
Saffron is the most valuable spice in existence, selling at $10 to $20 per gram, with gold recently trading at $40 per gram. Saffron carries a high entry cost but can yield a substantial profit margin in subsequent years by leveraging three marketable elements.
The global saffron market size was valued at USD 882 million in 2019 and is anticipated to attain a revenue based CAGR of 7.3% from 2020 to 2027. The market is expected to grow over the next few years on account of demand from the pharmaceutical sector, particularly in countries with rapid population expansion.
The traditional way of growing saffron is labor intensive, manual, and costly. The production operations are complex with low yield and the plant itself is very sensitive to environmental conditions. It takes about 1000 flowers to produce just one ounce of saffron. Saffron's wholesale and retail rates range from $500 to $5000 per pound, or $1100–11,000/kg.
About Seedo
Seedo Corp. SEDO, is an agritech company that focuses on the research, development and commercialization of agriculture products. Seedo's technology is aimed at transforming the way agriculture is done by offering a responsible and sustainable way to grow crops in a world confronted by environmental challenges and dwindling earth reserves, diminishing water resources and unstable weather conditions. Saffron Tech is a wholly owned subsidiary of Seedo Corp.
Media Relations Contact:
David Freidenberg, Chief Executive Officer,
info@saffron.ag
(800) 608-6432
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