October 30, 2019 MJ Shareholders
October 30th, 2019
App, Exclusive, News, Top Story
Vocal cannabis activist Snoop Dogg has signed on as a brand ambassador for Israeli start-up Seedo (OTC: SEDO), the maker of a refrigerator-type of a machine for auto-growing plants, including cannabis. The indelible award-winning rapper says he’s “all the way down with” the Seedo Homelab and the utility it brings to allow people to grow their own plants in unused space at home.
With the help of Snoop, Seedo is one of a handful of companies making news that complements the storied history of cannabis in Israel that includes the discovery of cannabinoids decades ago and the passage of legislation this year that makes the country one of only of a small group in the world allowed to export cannabis.
Another company etching its name in Israeli cannabis business is Isracann Biosciences (CSE: IPOT) (OTC: ATLED), the first pure-play cannabis firm in the country to list in Canada.
Technology in Israel
Seedo’s smell-proof, self-contained cultivation box lets users with no previous agriculture experience produce “brag worthy yields” with little more effort than planting a seed and monitoring the process through an app. The world’s first fully automated and controlled indoor growing machine drums up memories of the old hands-off, “set it and forget it” Ronco rotisserie.
Snoop Dogg, whose real name is Calvin Cordozar Broadus Jr., will partner with Seedo on a variety of initiatives generating awareness of the innovative technology and the environmental benefits and social opportunity affiliated with it.
On a larger scale, Isracann is developing commercial-scale cultivation capacity and finding strong investors support to execute on the model, as indicated by a recent C$10.1 million financing round. The money is earmarked in part to build-out 230,000 square feet of the company’s phase 1 facility. The initial phase will have capacity of 23,500 kilograms of cannabis per annum.
Benefiting from the latest hybrid greenhouse technology and the near-perfect weather conditions in Israel for growing cannabis, management estimates that it will be able to produce its high-quality cannabis for as little as 40 cents per gram, a favorable production price for premium product.
Everything Coming Together
Isracann said on Monday that its current cash position allows for accelerating Phase 1 of the construction program, which includes:
- finalization of greenhouse facility design for cannabis cultivation and production;
- rapidly advancing greenhouse and related facility construction;
- ensuring adequate controls are in place against any diversion, theft and loss of cannabis products; and
- ensuring compliance with other protective security, health, and safety requirements in accordance with Israeli regulations
As milestones with the production facility draw nearer, Isracann has already entered into agreements for medical cannabis cultivation projects in Israel with local licensed stakeholders.
The anonymous stakeholder is shouldering part of the responsibility of the construction of the Isracann greenhouses, as well as bearing the cost of electricity, licenses, and property and related land taxes for the large cultivation and processing facility.
Piquing interest that there are more positive developments on the horizon, Isracann CEO Darryl Jones said on Monday, “We have lined up several key organizations and personnel and look forward to announcing a number of these key commercial agreements in the days and weeks ahead.”
Beyond addressing the underserved domestic market, Isracann has established distribution resources to leverage the export-friendly Israeli laws to send its future cannabis goods into the massive European markets.
Team Gets Stronger with Deepened Roots is Israel
Isracann’s leadership includes the likes of Nitin Kaushal (managing director with PwC), Brett Allan (founding member The Green Organic Dutchman (TSX: TGOD), VP Corporate Development Organigram (TSX: OGI)(NASDAQ: OGI) and Justin Cooper (co-owner of Green Planet, the largest privately-owned hydroponics chain in Canada).
Now, the company has added Dr. Irit Arbel to its Board of Directors. Dr. Arbel has decades of multi-disciplinary biopharma, technology and governance experience. A serial entrepreneur, she has founded, held C-suite positions and other senior roles at companies such as Brainstorm Cell Therapeutics (NASDAQ: BCLI), Pluristem Life Sciences (NASDAQ: PSTI), Neurocords, Ltd., Savicell Diagnostics and RFB Investment House.
There is certainly an Israeli connection here with Dr. Arbel. She was previously an Israeli Sales Manager for the pharma Merck, Sharp & Dohme. She also holds a Chemical Engineering degree from the Technion, Israel’s Institute of Technology.
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About Ryan Allway
Mr. Allway has over a decade of experience in the financial markets as both a private investor and financial journalist. He has been actively involved in the cannabis industry since its inception, covering public and private companies.
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