iuvo Therapeutics GmbH and Advanced Canna Technologies Ltd. (“ACT”) signed a non-binding letter of intent (LOI) concerning the supply of cannabis flowers.
- iuvo and ACT signed a non-binding letter of intent.
- iuvo expands the supplier network in preparation for recreational legalization in Germany.
- ACT produces premium-quality cannabis.
The non-binding LOI expresses the interest of iuvo to purchase high quantities of cannabis flowers from ACT from Israel. Further details will be discussed in the following conversations between the companies by the end of this year.
In strategic preparation for adult-use legalization in Germany, iuvo aims to expand its supplier network, focusing on premium quality products.
The LOI follows a visit from Tibor Rietzsch Junge, Head of Marketing and Public Relations at iuvo, to a cultivation facility of Spring Valley Cannabis Ltd, in the North-East of Israel, in May this year. The visit was organized by Or Engler, CEO of ACT. ACT will run operations at the state-of-the-art facility for Spring Valley Cannabis Ltd.
Tibor Rietzsch Junge (Head of Marketing and PR, iuvo Therapeutics) and Tal Saadon (Founder and CTO, ACT) in the grow facility in Israel
The indoor facility is equipped with the newest standard of LED (Fluence Bioengineering), and fully controlled climate grow units. Every grow room is connected to an autonomous air control unit (HVACD). This not only comparts the facility into precise units allowing batch-specific growing conditions but adds to the overall sanitation: Contaminations are filtered in each air control unit. The post-harvest process will be executed under precisely tuned settings with separate rooms for drying and curing. The automated high-tech facility enables ACT to have data-driven scientific cultivation, which likely leads to an annual production of 10,000 kg of consistent premium-quality of cannabis flowers.
Israeli and German flags were hoisted in front of the grow facility during the visit
The facility is located in Revaya near the Jordan river and historical sites such as the Gilboa mountain range and the sea of Galilee.
ACT has long-time experience in designing and operating cannabis grow facilities. The references range across facilities in California, Portugal, and back to early adult-use legalization in Washington State. Results of extremely high concentrations of active ingredients above 30% were recorded repeatedly. In 2021, ACT managed the production of 11,500 kilos of dried premium cannabis flowers.
With over 80M citizens, Germany is the fourth largest economy in the world and the largest medical cannabis market in Europe to date. More than nine metric tons of medical cannabis were delivered to German pharmacies in 2021. Estimations of the future legalized adult-use cannabis market range from consumption of 300 to 500 tons per year.
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