N2OFF: Save Foods to Target California’s Hemp Market

Rhea-AI Summary

N2OFF, Inc. (NASDAQ: NITO) aims to target California's hemp market through its subsidiary Save Foods The company received Pre-Harvest Regulatory Approval in California for its treatment process, allowing it to address the largest US hemp flower market. Save Foods' eco crop protection solution showed significant disease reduction in cannabis plants, important for ensuring product safety and quality.

Positive

• Save Foods gaining Pre-Harvest Regulatory Approval in California opens up a significant market opportunity in the state for its eco crop protection solution.

• California leading the nation in hemp flower production presents a lucrative market for Save Foods to tap into, potentially boosting revenue and market presence.

• Save Foods' successful trials showing up to 90% less disease development in cannabis plants demonstrate the effectiveness of its proprietary eco crop protection solution.

Negative

• The risk of contamination at every stage of cultivation could pose challenges for Save Foods in ensuring product quality and safety, requiring rigorous monitoring and compliance.

• Potential product recalls due to pathogen contaminants could result in financial losses for Save Foods, highlighting the importance of maintaining strict quality control measures.

More than half of US hemp flower grown in California recently received Pre-Harvest Regulatory Approval in California allowing Save Foods to treat hemp

Neve Yarak, Israel, May 06, 2024 (GLOBE NEWSWIRE) -- N2OFF, Inc.\ (NASDAQ: NITO) (FSE:80W) (“N2OFF” or the “Company”), a pioneer agri-food tech company offering sustainable solutions for agriculture and plant-based food, announced today that its subsidiary Save Foods Ltd. (“Save Foods”) is set to target the hemp flower market in California. The Company recently announced that the California Department of Pesticide Regulation approved and registered the use of Save Foods’ pre-harvest treatment, FieldProtect, based on compliance with provisions of California laws and regulations pertaining to pesticide registration.

Hemp flowers are usually treated before harvesting, the new approval allows the Company to address and approach the California market.

A recent Census of Agriculture report released by the U.S. Department of Agriculture revealed that California led the nation in hemp flower acreage and production in 2022. California produced 56% of all U.S. hemp flower, which is used to extract CBD and other cannabinoids, including intoxicating hemp-derived THC.

In previous trials conducted by a third party, Save Foods’ proprietary eco crop protection solution demonstrated up to 90% less disease development in cannabis inflorescences compared to untreated plants. Risk of contamination is present at every stage of the cultivation process. Beyond the health of the plant itself, both medical patients and adult-use consumers may be adversely affected by microbial contaminants. Pathogen contaminants pose an obvious health risk and product recalls may cost companies millions of dollars in lost profit and civil damages.

About N2OFF Inc:

N2OFF Inc. (formerly known as Save Foods, Inc.) is an innovative agri-food tech company that through its three operational arms delivers integrated solutions for improved safety, quality, and sustainability every step of the way from field to fork. Save Foods Ltd., N2OFF's majority-owned Israeli subsidiary, focuses on post-harvest treatments in fruit and vegetables to control and prevent pathogen contamination, significantly reduce the use of hazardous chemicals, and prolong fresh produce’s shelf life. NTWO OFF Ltd., N2OFF's majority-owned Israeli subsidiary, contributes to tackling greenhouse gas emissions, offering a pioneering solution to mitigate nitrous oxide (N2O) emissions, a potent greenhouse gas with 265 times the global warming impact of carbon dioxide. NTWO OFF Ltd., aims to promote agricultural practices that are both environmentally friendly and economically viable. N2OFF also has a minority ownership in Plantify Foods, Inc., a Canadian company listed on the TSXV, that offers a wide range of clean-label healthy food options that are nutritious, gluten free, non-allergenic, use whole natural ingredients, and are easy to prepare. For more information on Save Foods Ltd. and NTWO OFF Ltd. visit our website: www.n2off.com.

Forward-looking Statements:

This press release contains forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995 and other Federal securities laws. Words such as “expects,” “anticipates,” “intends,” “plans,” “believes,” “seeks,” “estimates” and similar expressions or variations of such words are intended to identify forward-looking statements. Because such statements deal with future events and are based on our current expectations, they are subject to various risks and uncertainties, Actual results, performance, or achievements could differ materially from those described in or implied by the statements in this press release. The forward-looking statements contained or implied in this press release are subject to other risks and uncertainties, including market conditions as well as those discussed under the heading “Risk Factors” in the Company’s Annual Report on Form 10-K filed with the SEC on February 7, 2024, and in any subsequent filings with the SEC. Except as otherwise required by law, we undertake no obligation to publicly release any revisions to these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. References and links to websites have been provided as a convenience, and the information contained on such websites is not incorporated by reference into this press release. We are not responsible for the contents of third-party websites.

Investor Relations Contacts:
Michal Efraty
michal@efraty.com

FAQ

What is N2OFF's stock symbol?

N2OFF's stock symbol is NITO on NASDAQ and FSE.

What market is Save Foods targeting?

Save Foods is targeting California's hemp market with its eco crop protection solution.

What recent approval did Save Foods receive?

Save Foods received Pre-Harvest Regulatory Approval in California for its treatment process.

What percentage of US hemp flower is grown in California?

California produces 56% of all U.S. hemp flower, making it the leading state in hemp flower production.

What potential risks does Save Foods face in the cultivation process?

Save Foods faces the risk of contamination at every stage of cultivation, which could impact product quality and safety.

How effective was Save Foods' eco crop protection solution in trials?

Save Foods' proprietary solution demonstrated up to 90% less disease development in cannabis plants in previous trials.

Why is product safety important for Save Foods in the hemp market?

Product safety is important for Save Foods to avoid health risks for consumers and potential financial losses due to product recalls.

What are the key challenges for Save Foods in the California hemp market?

Key challenges for Save Foods include maintaining rigorous quality control measures to prevent contamination and ensuring compliance with regulations.

How does Save Foods' treatment process benefit the California market?

Save Foods' treatment process allows the company to address the California hemp market by meeting the state's regulatory requirements.