The company, controlled by Manor and Kfir Gindi, is to set up an EU-GMP standard indoor cultivation facility in Ziporit, to grow 10 tons of produce annually.
Israeli medical cannabis company CannoMed (TASE: CNMD) has signed a long-term lease for 11,000 square meters in the Ziporit Industrial Zone near Nazareth in the Galilee. The company, which raised NIS 27 million in January and recently merged with EU Biopharm, will be a 6,125 square meter indoor facility on the land for cultivating 10 tons of medical cannabis annual with the EU-GMP standard for the European market.
CannoMed's Cano 1 indoor facility will include areas for cultivation and propagation of medical cannabis as well as a factory for drying and packing the dried inflorescences and extracting oils and in addition a trading house - everything under one roof. Due to the high standards of the facility, CannoMed intends targeting the European market with its produce and is planning to comply with the strict EU-GMP European standard. The planned facility's production capacity will be about 10 tons per year and the start of operations is planned for the fourth quarter of 2020.
The facility will be built in two stages with the first stage built as a large room, which meets the EU-GMP standard, and which can produce one ton of inflorescences per year.
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