Benzinga | Oct 19, 2021 09:16AM EDT

Evogene's Canonic Launches First Two Medical Cannabis Products In Israel Ahead Of Schedule

Evogene Ltd.'s (NASDAQ:EVGN) (TASE: EVGN) wholly-owned subsidiary focused on developing medical cannabis products, Canonic Ltd., announced the full commercial launch of its first two medical cannabis inflorescence products, known as G200 and G150.

The Israel-based company said Tuesday that the products were initially expected to be released to the market during 2022.

"We are very excited to have reached this milestone ahead of target," Dr. Arnon Heyman, CEO of Canonic, said.

The newly launched products are part of the G-innovation product line under Canonic's Meta Yield product program.

Canonic's G200 product will be available in pharmacies across Israel under the T20/C4 category, and G150 will be available under the T15/C3 category, pursuant to the product categories established by the Israeli Ministry of Health.

The company reported that it had received positive feedback from patients during its pre-launch campaign in September and October.

"Our launch marks a key milestone in bringing closer our vision to become a world-leading medical cannabis company," Heyman continued. "We see today's launch in Israel as only the beginning of our journey, and our longer-term goal is to expand into additional markets abroad, with the European markets being our next target."

Ofer Haviv, chairman of Canonic and CEO and president of Evogene, is pleased to see Canonic's "impressive operation" built within a very short time.

"We are proud of the key role that Evogene played in this achievement, supporting product development using our unique platform and computational biology tech engine, GeneRator AI," Haviv added.

EVGN Price Action

Evogene's shares traded 4.28% higher at $2.68 per share during the pre-market session on Tuesday morning.

Photo: Courtesy of Canonic