NEW YORK, December 2, 2014 /PRNewswire/ --
BreedIT Corp., (OTCQB: BRDT) through its Israeli subsidiary, BreedIT Ltd., the exclusive worldwide license holder and distributor of highly sophisticated agro-breeding solutions software for plant breeders and researchers, today 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.
The new varieties are the first to be developed by the KanaboSeed organization since the venture was formed in August of this year. Characterized by phenotypic and genotypic traits, the strains were cultivated to achieve CBD-to-THC ratios identified by the Company's Scientific Advisory Board as likely to be effective in the management of particular medical conditions.
Dr. Oded Sagee, Chief Executive Officer of BreedIT LTD, commented on the announcement: "We formed KanaboSeed to leverage the horticultural expertise of Seach Ltd., a licensed Israeli medical cannabis grower, with the technical and research capabilities of BreedIT Ltd., as well as our iBreedIT software platform. Working together we are able develop and evaluate new strains relatively quickly, thereby reducing the timeline from research to market."
Dr. Sagee went on to say: "These two registration applications are just the first for what we anticipate will be a line of new potential cannabis varieties that KanaboSeed is developing to address specific medical uses. We intend to capitalize on the commercialization of new varieties, as allowed by the laws and regulations, in Israel and other countries where regulation permits the use of medical cannabis."
The review process includes a 90 day period for public discourse as well as two harvest seasons. Once approved, the Company will be granted a registration (the equivalent of a patent) for the strains, preventing the unauthorized propagation of the plant strains as well as the use of any harvested material, including entire plants and parts of plants, any products produced directly out of harvested material.
Shay Avraham Sarid, KanaboSeed's Manager of Research and Development, also commented on the announcement: "This is an important milestone for KanaboSeed. 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."
About KanaboSeed Ltd.
KanaboSeed Ltd. is a 50/50 joint venture between BreedIt Ltd. and Seach Ltd., formed to research and develop new breeds of medical cannabis to meet the requests of physicians and other medical practitioners. In addition to its internal research efforts, KanaboSeed offers "end to end" breeding services to other medical cannabis growers, including planning and implementation of in-house breeding programs, assistance in genetic-pull selection, genomic information, and data analysis. On-site breeding training and management is also available.
KanaboSeed is headquartered in Sharon, Israel, at Seach's 10-acre campus. Seach Ltd. (http://www.seach.co.il) is an official supplier of medical grade cannabis for Israel's Ministry of Health, holding one of Israel's eight licenses to grow and distribute medical cannabis. The state-of-the-art facility includes a licensed cannabis testing laboratory as well as greenhouses with full climate and light control, enabling manipulation of growth, flowering and harvesting cycles.
About BreedIT Corp.
BreedIT Corp (http://www.brdt.us), through its Israeli subsidiary, BreedIT Ltd. (http://www.ibreedit.com), is the developer of highly sophisticated agro-breeding solutions for plant breeders and researchers. BreedIT's proven iBreedIT® - the Intelligent Decision Support System (IDSS) for breeders which was developed by a team consisting of among the world's leading breeding specialists for optimizing the breeding processes, services the plant breeding needs of corporations, research and government institutions. BreedIT's IDSS provides advanced solutions for generating and disseminating knowledge aimed at assisting breeders to plan, manage and analyze their breeding data and to perform research activities quickly and effectively. Founded in 2013, BreedIT Corp has offices in New York, New York and in Rehovot, Israel.
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SOURCE BreedIT Corp.