Coming soon to a pharmacy near you, medical marijuana.
BreedIT Corp., through its Israeli subsidiary, BreedIT Ltd., a worldwide license holder and distributor of agro-breeding solutions software for plant breeders and researchers, announced that its joint venture, KanaboSeed Ltd., has submitted applications for the registration of two new cannabis strains to the Israeli Ministry of Agriculture & Rural Development Plant Breeders’ Rights Council.
The future is now when it comes to the pharmaceutical uses for marijuana. As it is legalized for recreational use in more states throughout the U.S. its international legalization for medical purposes seems to be an inevitability.
The new varieties are the first to be developed by the KanaboSeed organization since the venture was formed in August of this year. Characterized by phenotypic and genotypic traits, the strains were cultivated to achieve CBD-to-THC ratios identified by the Company’s Scientific Advisory Board as likely to be effective in the management of particular medical conditions.
Dr. Oded Sagee, Chief Executive Officer of BreedIT LTD, commented, “We formed KanaboSeed to leverage the horticultural expertise of Seach Ltd., a licensed Israeli medical cannabis grower, with the technical and research capabilities of BreedIT Ltd., as well as our iBreedIT software platform. Working together we are able develop and evaluate new strains relatively quickly, thereby reducing the timeline from research to market.”
The review process includes a 90 day period for public discourse as well as two harvest seasons. Once approved, the Company will be granted a registration (the equivalent of a patent) for the strains, preventing the unauthorized propagation of the plant strains as well as the use of any harvested material, including entire plants and parts of plants, any products produced directly out of harvested material.
Shay Avraham Sarid, KanaboSeed’s Manager of Research and Development, also commented on the announcement: “This is an important milestone for KanaboSeed. The BreedIT team contributes significant value to our development efforts, most notably the ability to streamline the breeding process. In addition to saving time, we are also developing new varieties more cost-effectively. Together we are building a product pipeline that will provide numerous opportunities for revenue growth going forward.”
KanaboSeed Ltd. is a 50/50 joint venture between BreedIt Ltd. and Seach Ltd., formed to research and develop new breeds of medical cannabis to meet the requests of physicians and other medical practitioners. It is headquartered in Sharon, Israel, at Seach’s 10-acre campus.
Founded in 2013, BreedIT Corp has offices in New York, New York and in Rehovot, Israel.