Canonic Successfully Launched Six Second-Generation Cannabis Products with Higher THC and Rich Terpene Profiles

Rhea-AI Summary

Canonic Ltd., a subsidiary of Evogene Ltd. (Nasdaq: EVGN), has successfully launched six second-generation hybrid cannabis products in Israel. These products, leveraging Evogene's GeneRator AI tech-engine, feature high THC levels ranging from 23% to 24.4%, maximizing psychoactive potential. The new offerings include Synergy, Combo, Mosaic, Two Stars, Mash Kush, and Blend Kush. Developed through innovative breeding techniques, these cannabis strains aim to meet market demands for specific medical effects. Looking ahead, Canonic plans to develop third-generation products and expand into European markets.

Positive

• Launch of six second-generation cannabis products with THC levels of 23% and above.
• Use of GeneRator AI for accelerated product development.
• Expected sales growth in 2023 and plans for future product expansion into Europe.

Negative

• None.

Second-generation products were developed using novel genetic markers and leverages Evogene's GeneRator AI tech-engine 

REHOVOT, Israel, Feb. 21, 2023 /PRNewswire/ -- Canonic Ltd., focused on the development of medical grade cannabis products and a wholly owned subsidiary of Evogene Ltd. (Nasdaq: EVGN) (TASE: EVGN), today announced the completion of its launch of six second-generation hybrid cannabis products in Israel. The design and development of these new cannabis products leveraged Evogene's GeneRator AI  tech-engine to select desirable characteristics such as THC (tetrahydrocannabinol) content and certain terpene profiles.

Canonic's second generation products are characterized by high levels of THC, the primary psychoactive ingredient in cannabis, at 23% and above; the highest THC percentage allowed in Israel being 24.4%. The six new products released into the market in Israel are named: Synergy (THC 24%), Combo (THC 24%), Mosaic (THC 23%), Two Stars (THC 24.2%), Mash Kush (THC 24.4%) and Blend Kush (THC 23.8%).

The new products were developed through breeding programs carried out by Canonic in parallel to the release in 2021 of Canonic's first-generation two products: G200 (THC 19%) & G150 (THC 18%). The second-generation products were developed using proprietary sets of novel genetic markers developed in collaboration with Evogene, using its GeneRator AI tech-engine, specifically looking for a higher level of THCs and particular terpene characteristics. The use of novel genetic markers directed and accelerated the breeding process towards the unique cannabis lines with desired characteristics, based on market feedback. This made the entire product development process faster and more accurate in achieving the right characteristics in the designed variety.

Eyal Ronen, Chief Executive Officer of Canonic, commented, "Utilizing Canonic's and Evogene's advanced technologies for selecting novel genetic markers, allowed us to accelerate & direct the development of our advanced cannabis varieties. We are very proud to have completed the launch of six new products in the Israeli market, and we expect sales growth in 2023. Looking ahead, we will continue the development of our third-generation products, particularly with selecting new and unique terpenes. Furthermore, we intend to sell our products to broader markets starting with Europe."

Canonic's new investor presentation is available from Evogene's investor relations website at https://evogene.com/investor-relations

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 development products aim to improve active compounds, genetic stability, and cannabis varieties for specific medical effects.  In addition, the Company's strategy includes the development of cannabis varieties 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 computational biology company aiming to revolutionize the development of life-science based products by utilizing cutting edge technologies to increase the 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 a deep multidisciplinary understanding of 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 strategic partners.  Evogene's main subsidiaries currently 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 sales growth in 2023, development of third-generation products, sale to broader markets including Europe. 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.

Investor Contact:

Kenny Green Email: kenny.green@evogene.com Tel: +1 212 378 8040

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SOURCE Canonic

FAQ

What are the new cannabis products launched by Evogene's subsidiary Canonic?

Canonic launched six second-generation cannabis products: Synergy, Combo, Mosaic, Two Stars, Mash Kush, and Blend Kush, with THC levels between 23% and 24.4%.

What technology did Canonic use to develop their new cannabis products?

Canonic utilized Evogene's GeneRator AI tech-engine to accelerate the development of cannabis products with specific genetic markers.

What is the expected sales growth for Canonic in 2023?

Canonic anticipates sales growth in 2023 following the launch of its new cannabis products.

When was the launch of Canonic's new cannabis products announced?

The launch of Canonic's new cannabis products was announced on February 21, 2023.

Which market does Canonic plan to enter after launching its new products?

Canonic plans to expand its market reach into Europe after launching its new cannabis products in Israel.