Tikun's Cannbit, Evogene's Canonic To Develop New Cannabis Products

Cannbit Ltd. and Canonic Ltd. have teamed up to develop new cannabis products.

Tikun Olam-Cannbit Ltd. TKUNT confirmed Wednesday a collaboration between its subsidiary and Evogene Ltd.'s EVGN EVGN Canonic Ltd.

Under the deal, Cannbit will provide clinical data related to medical cannabis strains. In return, Caonic will utilize its computational biology platform and cannabis breeding capabilities.

Moreover, each party will have the right to commercialize the products developed through the collaboration.

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

Avinoam Sapir, CEO of Tikun Olam-Cannbit, called the deal "an important step" in the company’s growth.

"Combining the synergistic capabilities of Canonic and Cannbit should provide a substantial competitive advantage with respect to both timing and quality of results," he said. 

Canonic’s team "enthusiastically looks forward" to partnering with Cannbit, said Dr. Arnon Heyman, CEO of Canonic.

"Representing an important part of our "Precise" product program, we are confident that this combination of complementary capabilities and technologies is unique in the cannabis field and look forward to reporting our progress," Heyman said.

Israel-based Tikun Olam-Cannbit is a medical cannabis brand that develops over 42 proprietary strains, four licensed IPs and is part of 36 clinical and preclinical studies carried out in partnership with doctors, hospitals and universities within the country.