BreedIT Corp. (OTC: BRDT), distributor of highly sophisticated agro-breeding software for plant breeders and researchers, recently announced that its joint venture, KanaboSeed Ltd., has submitted applications for the registration of two new cannabis strains to the Israeli Ministry of Agriculture & Rural Development Plant Breeders’ Rights Council to secure their rights to the strains.
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“We formed KanaboSeed to leverage the horticulture experience of Seach Ltd., a licensed Israeli medical cannabis grower, with the technical and research capabilities of BreedIT Lt., as well as our iBreedIT software platform,” said BreedIT Ltd. CEO Dr. Oded Sagee. “Working together, we are able to develop and evaluate new strains relatively quickly, thereby reducing the timeline to market.”
KanaboSeed’s submissions are characterized by phenotypic and genotypic traits that yield specific CBD-to-THC ratios identified by BreedIT’s Scientific Advisory Board as likely to be effective in the management of specific medical conditions. The review process includes a 90-day period for public discourse as well as two harvest seasons to verify the viability and variability of the plants.
Once approved, the company will be granted a registration – similar to patents in the U.S. – for the strains, which will prevent unauthorized propagation of the plant strains, as well as use of any harvested material, including entire plants and parts of plants and any material produced directly out of harvested materials. These rights could pave the way to licensing opportunities over the coming years.
“This is an important milestone for KanaboSeed,” said KanaboSeed Manager of R&D Shay Avraham Sarid. “The BreedIT team contributes significant value to our development efforts, most notably the ability to streamline the breeding process. In addition to saving time, we are also developing new varieties more cost-effectively. Together, we are building a product pipeline that will provide numerous opportunities for revenue growth going forward.”
Shares of BreedIT Corp. jumped nearly 4% in early trading on Tuesday, December 2, 2014 following the news release.
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