BreedIT Corp. (OTC: BRDT), exclusive distributor of highly sophisticated agro-breeding software solutions for plant breeders and researchers, recently announced a joint venture with Search Ltd., a leading Israeli medical cannabis breeder. KanaboSeed Ltd. will leverage iBreedIT software and Search Ltd.’s farming assets to develop new and innovative medical cannabis strains.
“We are very excited about our partnership with Search – their achievements in the breeding and growing of medical cannabis are extensive,” said BreedIT Ltd. CEO Dr. Oded Sagee. “We formed KanaboSeed to leverage the expertise of both of our companies to pursue the significant opportunities in the medical cannabis market … Our access to the horticulture expertise of Search will be invaluable.”
Search Ltd. operates a 10-acre farm in Sharon, Israel, where they work with third parties to develop and grow new varieties of flowers and field crops. With state-of-the-art facilities featuring full climate and light control, the growers excel at manipulating growth, flowering and harvesting cycles. Search Ltd. was awarded one of eight licenses to grow and distribute medical cannabis in Israel back in 2005.
“I am so pleased to be working with the BreedIT team,” said Search Ltd. Head of R&D Shay Avraham. “They are pioneers in the field and their technology is cutting edge. We have generated a substantial amount of data around the growth and use of medicinal cannabis on our farms over the past 10 years … [and] the results to date [using iBreedIT technology] have been remarkable.”
BreedIT’s proven iBreedIT® Intelligent Decision Support System for breeders was developed by a team of the world’s leading breeding specialists for optimizing the breeding process for corporations, research institutions, and governments. The software assists breeders in planning, managing, and analyzing breeding data and performing research activities quickly and effectively.
Shares of iBreedIT Corp. jumped more than 20% on Thursday, August 21, 2014 in early trading following the news release.
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