Canonic Announces Shipment of its Cannabis Varieties to Europe

Rhea-AI Summary

Canonic Ltd., a subsidiary of Evogene Ltd. (NASDAQ: EVGN), announced the shipment of its first batch of cannabis varieties to Portugal after receiving export approval from the Israeli Ministry of Health and Ministry of Agriculture. This shipment is part of Canonic's preparations for a planned commercial launch in Europe in 2023, focusing on developing medical cannabis products using its Computational Predictive Biology platform. The shipped cannabis varieties will undergo lab testing and regulatory examination to comply with European regulations.

Positive

• First shipment of cannabis varieties to Portugal received regulatory approval.
• Canonic is preparing for a commercial launch in Europe in 2023.
• Utilizes a Computational Predictive Biology platform to enhance product development.

Negative

• None.

REHOVOT, Israel, Jan. 31, 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 shipped a first batch of its unique cannabis varieties to Portugal, following receiving approval to export from the Israeli Ministry of Health and Ministry of Agriculture.

As part of its preparations for the planned 2023 commercial launch in Europe, Canonic expects to enter commercial agreements with local growers and manufactures and will work to obtain required regulatory approvals. To this end, the varieties shipped are intended to be grown in semi-commercial scale for lab testing and regulatory examinations, as required by European regulation.

About Canonic Ltd.:

Canonic is a subsidiary of Evogene Ltd. (NASDAQ: EVGN) (TASE: EVGN), developing medical Cannabis products utilizing a Computational Predictive Biology (CPB) platform. The Company's products in development are aimed at improving active compounds yield, genetic stability and Cannabis varieties for specific medical indications. The Company's strategy is to develop 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 Evogene Ltd.:

Evogene (NASDAQ: EVGN) (TASE: EVGN) is a leading computational biology company focused on revolutionizing product discovery and development in multiple life-science based industries, including human health and agriculture, through the use of its broadly applicable Computational Predictive Biology (CPB) platform.  The CPB platform, incorporating a deep understanding of biology leveraged through the power of Big Data and Artificial Intelligence, has been designed to computationally discover and uniquely guide the development of life-science products based on microbes, small molecules and genetic elements. Utilizing the CPB platform, Evogene and its subsidiaries are now advancing product pipelines for human microbiome-based therapeutics through Biomica Ltd., medical cannabis through Canonic Ltd., ag-biologicals through Lavie Bio Ltd., ag-chemicals through AgPlenus Ltd., and ag-solutions for castor oil production through Casterra Ag. 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 Canonic's product development and regulatory efforts and commercialization plans for its products. 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 Ltd.'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
Rivka Neufeld
Investor Relations
E: IR@evogene.com  
T: +972-8-931-1940

US Investor Relations:
Joseph Green
Edison Group
E: jgreen@edisongroup.com  
T: +1 646-653-7030

Laine Yonker
Edison Group
E: lyonker@edisongroup.com  
T: +1 646-653-7035

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SOURCE Canonic

FAQ

What is the significance of Canonic's shipment to Portugal for EVGN shareholders?

The shipment indicates progress in Canonic's plans to commercialize medical cannabis products in Europe, which could positively impact EVGN's market position.

When is Canonic expected to launch its cannabis products in Europe?

Canonic plans to launch its medical cannabis products commercially in Europe in 2023.

What regulatory approvals did Canonic receive for its cannabis export?

Canonic received export approval from both the Israeli Ministry of Health and the Ministry of Agriculture.

How does Canonic plan to test its cannabis varieties in Europe?

The shipped varieties will be grown on a semi-commercial scale for lab testing and regulatory examination as required by European regulations.