Portugal-based GroVida
licenses two of Canonic's cannabis varieties for cultivation and
commercialization in Europe
REHOVOT, Israel ,
Sept. 13,
2022 /PRNewswire/ -- Canonic Ltd., focused on
the development of medical grade cannabis products and a wholly
owned subsidiary of Evogene Ltd. (Nasdaq: EVGN) (TASE: EVGN),
announced today that it has signed a non-exclusive licensing
agreement with leading Portugal-based cannabis cultivation and
manufacturing company, GroVida Lda. Under the agreement, GroVida
will cultivate, market and sell products based on Canonic's
cannabis varieties in Europe and
the United Kingdom, and will pay
Canonic royalties on its sales based on these products.
This is Canonic's initial licensing agreement for the European
market, a key target market for Canonic, with total medical
cannabis market sales estimated at approximately €400
million[i] for 2021, while still at an early stage in its
development.
GroVida is a vertically integrated medical cannabis company
located in Portugal and currently
selling medical cannabis products in the EU. GroVida owns 20,000
square meters of high-tech greenhouses which have been operational
since November 2020 and has
collaborated with Canonic since January
2022, to cultivate Canonic's cannabis varieties. This
has been done on a semi-commercial scale at its cultivation
facilities in Portugal, to meet
regulatory standards under European growing conditions.
Canonic's proprietary cannabis varieties development was
supported by Evogene's GeneRator AI engine.
Euan Keenan, Chief
Executive Officer of GroVida, commented, "As a
company operating for several years in the EU cannabis market, we
have been impressed with the quality of the cannabis varieties
developed by Canonic and especially with their performance under
our growing conditions in Portugal. We see significant sales potential
for these varieties throughout our home market in Europe, and we are pleased with this new
licensing agreement. We look forward to initiating and growing
sales of products based on these varieties."
Arnon Heyman, Chief Executive
Officer of Canonic, commented, "We are very pleased with this
first licensing agreement, a significant pillar in our European
go-to-market sales strategy. GroVida has been our partner for
cultivation and testing of our cannabis varieties in the EU since
early 2022. Their interest in broadening our relationship to a new
stage is a testament to the quality of Canonic's varieties and to
GroVida's belief in their commercial success in the European
market. Canonic also plans to launch direct sales into the European
market starting with Germany."
About Canonic Ltd.:
Canonic is a subsidiary of Evogene Ltd. (Nasdaq: EVGN,
TASE: EVGN), developing medical cannabis products utilizing
Evogene's proprietary GeneRator AI engine. The Company's products
in development are aimed at improving active compounds, genetic
stability, and cannabis varieties for specific medical effects. The
Company's strategy includes the development of cannabis varieties
in order to commercialize medical cannabis products independently
or through collaborations. Canonic has exclusive access to
Evogene's genomic assets and technology for the development of
medical cannabis products.
For more information, please
visit: https://www.canonicbio.com/.
About GroVida Lda:
GroVida is a licenced medical cannabis cultivator and
manufacturer in Portugal. GroVida
offers active pharmaceutical ingredient (API) and finished products
to medical clients worldwide. GroVida's state-of-the-art
cultivation facility allows it to collaborate with clients to offer
truly bespoke products, for their evolving patients' needs.
For more information, please visit:
www.gro-vida.com.
About Evogene Ltd.:
Evogene (Nasdaq: EVGN, TASE: EVGN) is a computational biology
company aiming to revolutionize the development of life-science
based products by utilizing cutting edge technologies to increase
probability of success while reducing development time and cost.
Evogene established three unique technological engines - MicroBoost
AI, ChemPass AI and GeneRator AI – leveraging Big Data and
Artificial Intelligence and incorporating deep multidisciplinary
understanding in life sciences. Each technological engine is
focused on the discovery and development of products based on one
of the following core components: microbes (MicroBoost AI), small
molecules (ChemPass AI), and genetic elements (GeneRator AI).
Evogene uses its technological engines to develop products through
subsidiaries and with strategic partners. Currently, Evogene's main
subsidiaries utilize the technological engines to develop human
microbiome-based therapeutics by Biomica Ltd., medical cannabis
products by Canonic Ltd., ag-chemicals by AgPlenus Ltd. and
ag-biologicals by Lavie Bio Ltd.
For more information, please visit:
www.evogene.com.
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", "demonstrates", or
words of similar meaning. For example, Evogene and Canonic are
using forward-looking statements in this press release when they
discuss the results of the cooperation between Canonic and GroVida,
including potential royalties, the commercial success of Canonic's
products in the European market, the estimated size of the European
market and their expansion to the European market. 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.
Evogene Investor Contact:
Kenny Green
Email: kenny.green@evogene.com
Tel: +1 212 378 8040
[i]
https://prohibitionpartners.com/2021/04/09/key-insights-from-the-european-cannabis-report-6th-edition/
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SOURCE Canonic