Canonic, a wholly owned subsidiary of Evogene, has signed a non-exclusive licensing agreement with Portugal-based cannabis cultivation and manufacturing company, GroVida.
Under the agreement, GroVida will cultivate, market and sell products based on Canonic‘s cannabis varieties in Europe and the UK. GroVida will pay Canonic royalties on its sales based on these products.
The agreement is Canonic’s initial licensing agreement for the European market, a key target market for the company.
CEO of GroVida, Euan Keenan, commented: “As a company operating for several years in the EU cannabis market, we have been impressed with the quality of the cannabis varieties developed by Canonic and especially with their performance under our growing conditions in Portugal.
“We see significant sales potential for these varieties throughout our home market in Europe, and we are pleased with this new licensing agreement. We look forward to initiating and growing sales of products based on these varieties.”
CEO of Canonic, Arnon Heyman, commented: “We are very pleased with this first licensing agreement, a significant pillar in our European go-to-market sales strategy. GroVida has been our partner for cultivation and testing of our cannabis varieties in the EU since early 2022.
“Their interest in broadening our relationship to a new stage is a testament to the quality of Canonic’s varieties and to GroVida’s belief in their commercial success in the European market.
“Canonic also plans to launch direct sales into the European market starting with Germany.”
GroVida is a vertically integrated medical cannabis company located in Portugal and currently selling medical cannabis products in the EU. GroVida owns 20,000 square meters of high-tech greenhouses which have been operational since November 2020 and has collaborated with Canonic since January 2022, to cultivate Canonic’s cannabis varieties.
This has been done on a semi-commercial scale at its cultivation facilities in Portugal, to meet regulatory standards under European growing conditions.
Canonic’s proprietary cannabis varieties development was supported by Evogene’s GeneRator AI engine.