Canonic has launched its first two medical cannabis products, known as G200 and G150, following positive feedback received from patients during the company's pre-launch campaign. These products were originally expected to be released to the market in 2022.
In September and October 2021, Canonic conducted a pre-launch campaign, during which G200 and G150 were marketed in Israel to a limited number of licensed patients through selected pharmacies. Following positive feedback in the pre-launch campaign, indicating high patient satisfaction with the quality and positive effect of the products, Canonic decided to move ahead with the full commercial launch of these products in Israel, ahead of the original scheduled launch in 2022.
With respect to product production for next year, as disclosed in the past, Canonic's business model, which is based on producing products through external growers and manufacturers, provides the company relative flexibility in meeting demand in the market.
There are more than 100,000 licensed patients in Israel that consumed approximately 27 tons of cannabis in the first 8 months of 2021, and the total medical cannabis market in Israel is estimated at $260 million per year. According to industry estimates, based on current growth rates, the number of patients in the Israeli market is expected to more than double by 2025.
Dr. Arnon Heyman, CEO of Canonic, stated: "This follows the very encouraging market feedback we received from patients, indicating potential market demand for our products. Our launch marks a key milestone in bringing closer our vision to become a world-leading medical cannabis company. We see today's launch in Israel as only the beginning of our journey and our longer-term goal is to expand into additional markets abroad, with the European markets being our next target."
Mr. Ofer Haviv, Chairman of Canonic and CEO & President of Evogene, stated: "I am pleased to see that within a very short time Canonic has built an impressive operation, with the launch of its first commercial-scale sales of medical cannabis. Evogene played a key role in this achievement, supporting product development using our platform and computational biology tech engine, GeneRator AI. We look forward to Canonic continuing to meet and exceed expectations and goals on its way to delivering products to patients."
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