Benzinga | Aug 31, 2021 06:07PM EDT

Canonic Announces Pre-Launch of Medical Cannabis Products in Israel

Canonic Ltd, a company focused on the development of medical cannabis products and a wholly-owned subsidiary of Evogene Ltd. (NASDAQ:EVGN) (TASE: EVGN), announced today the pre-launch of its first-generation medical cannabis inflorescence products, reported PRNewswire.

Canonic is a subsidiary of Evogene Ltd. (NASDAQ:EVGN, TASE: EVGN)) developing medical Cannabis products through a Computational Predictive Biology (CPB) platform, aimed at improving active compounds yield, genetic stability and, Cannabis varieties. The company has exclusive access to Evogene's genomic assets and technology for the development of medical Cannabis products.

Evogene's Canonic obtained approval from the Israel Medical Cannabis Agency to proceed with commercializing medical cannabis products in November 2020.

Canonic's first product line, G-nnovation, is based on cannabis varieties that were selected and developed to express high levels of THC.

As part of the pre-launch, G-nnovation products will be marketed in Israel through Telepharma pharmacy.

Ofer Haviv, chairman of Canonic, CEO and president of Evogene, stated: "I am pleased to see that within a very short time, Canonic has built an impressive operation, which we expect will come into full fruition in 2022 with first commercial-scale sales of medical cannabis in Israel."

According to recent statistics, the medical cannabis market in Israel is estimated at $260 million per year.

Image courtesy of Richard T./Unsplash