Kaya Holdings' Israeli subsidiary, Kaya Shalvah has been awarded its initial permit from the "YAKAR", the Department for Medical Cannabis in the Israeli Ministry of Health, to develop an Israeli cannabis cultivation and processing facility.
This initial permit grants the Company permission to develop commercial scale cannabis cultivation and processing site at the Green Negev cannabis complex in Yerucham, Israel, pending a tender for the land. Once the Company develops the site in accordance with all Israeli regulations, and meets all requisite standards), the final cultivation and processing licenses are issued.
"Israel has long been a center of cannabis research, pioneered by Hebrew University Professor Dr. Raphael Mechoulam, who jumpstarted the medical cannabis revolution with his breakthrough discovery of tetrahydrocannabinol (THC)," stated KAYS' CEO Craig Frank, "and we have already met extraordinary entrepreneurs with whom we hope to cooperate. Israel offers an attractive market, access to additional markets and close proximity to an excellent knowledge base and cutting-edge technologies, which will aid us as we execute our international growth plan. With this important piece of our puzzle in place we can pursue the remaining elements of our strategy including footholds in other important emerging markets".
"Getting this formal permission to commence development of our planned facility in Yerucham again demonstrates our progress in seeking to establish KAYS as an effective competitor in the international cannabis market," continued Frank. "It is our expectation that eventually the market will recognize the promising opportunities we have lined up and our steady execution. We strive to have our value better reflect our potential".
Kaya Shalvah plans to construct its Israel facility in accordance with Israeli standards, including IMC-GAP (Israel Medical Cannabis-Good Agricultural Practices) for cultivation, IMC-GMP (Israel Medical Cannabis-Good Manufacturing Practices) for production, IMC-GSP (Israel Medical Cannabis-Good Security Practices) for security, and IMC-GDP (Israel Medical Cannabis-Good Distribution Practices). Kaya Holdings' interests in the Israeli registered company Kaya Shalvah is controlled through a majority owned subsidiary, Kaya Brands International, Inc.
Earlier this year, KAYS Greek subsidiary Kaya Farms Greece exercised an option to acquire a 50% interest in Greekkannabis, its Greek Joint Venture partner. The Kaya Farms Israel and Kaya Farms Greece projects are the foundation for KAYS international expansion, targeted to service the increasing demand for medical cannabis in the European Union, which is forecast to exceed $146 Billion by 2028, according to Fundamental Research Corp.
These two facilities, as currently envisioned are planned to produce approximately 600,000 pounds of GMP Certified, Premium Medical Grade, Cannabis annually for potential export to the European Union and elsewhere.