Canonic Received Approval for Propagation of Medical Cannabis from the Israel Medical Cannabis Agency

Rhea-AI Summary

Canonic, a subsidiary of Evogene (NASDAQ: EVGN), has received IMC-GAP approval from the Israel Medical Cannabis Agency for its propagation farm. This approval enables Canonic to launch its commercialization plan for medical cannabis products. The farm is operational and set to provide seedlings to certified growers in 2021. Canonic aims to establish a value chain from genomics to end-product, leveraging Evogene's genomic assets. The company plans to achieve initial sales in Israel by 2022.

Positive

• Received IMC-GAP approval from the Israel Medical Cannabis Agency for commercial operation.
• Propagation farm is fully operational and set to supply seedlings to medical cannabis growers.
• Plans to establish a comprehensive value chain from genomics to the finished product.

Negative

• None.

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.

About Canonic

Canonic is a wholly owned subsidiary of Evogene Ltd. (NASDAQ: EVGN), (TASE: EVGN), developing medical Cannabis products through 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 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 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 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", or words of similar meaning. For example, Evogene or Canonic is using forward-looking statement in this press release when it discusses its commercialization plans. 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, the global spread of COVID-19, or the Coronavirus, the various restrictions deriving therefrom and those risk factors contained in Evogene's reports filed with the applicable securities authorities. In addition, Evogene and its subsidiaries rely, and expect to continue to rely, on third parties to conduct certain activities, such as their field-trials and pre-clinical studies, and if these third parties do not successfully carry out their contractual duties, comply with regulatory requirements or meet expected deadlines (including as a result of the effect of the Coronavirus), Evogene and its subsidiaries may experience significant delays in the conduct of their activities. 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 approval did Canonic receive for its propagation farm on November 11, 2020?

Canonic received IMC-GAP approval from the Israel Medical Cannabis Agency for its propagation farm.

What is the significance of the IMC-GAP approval for Evogene's subsidiary Canonic?

The IMC-GAP approval allows Canonic to execute its commercialization plan for medical cannabis products.

When does Canonic plan to deliver its first batch of seedlings to growers?

Canonic intends to deliver its first batch of seedlings to certified medical cannabis growers during 2021.

What are Canonic's sales expectations for 2022?

Canonic aims to achieve initial sales of medical cannabis products in Israel by 2022.

What is the role of Evogene in Canonic's operations?

Evogene provides Canonic with exclusive access to its genomic assets and technology for developing medical cannabis products.