Canonic Advances its Penetration into Europe by Signing its First Licensing Agreement with GroVida
Canonic Ltd., a subsidiary of Evogene Ltd. (Nasdaq: EVGN), has signed a licensing agreement with GroVida in Portugal for the cultivation and commercialization of its cannabis varieties. This marks Canonic's first entry into the European market, which has a projected medical cannabis sales figure of €400 million for 2021. GroVida will pay royalties based on sales and aims to enhance product offerings throughout the EU and UK. Canonic plans to initiate direct sales in Germany, leveraging its AI-driven cannabis variety development.
- First licensing agreement for Canonic in Europe.
- Estimated €400 million market size for medical cannabis in Europe.
- GroVida's existing infrastructure includes 20,000 sq m of high-tech greenhouses.
- Potential for royalties from GroVida's sales of Canonic products.
- None.
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
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
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SOURCE Canonic
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