Cannabotech partners with go NXT LVL to manufacture oncology products in California
- Under the agreement, Cannabotech's integrative products will be developed and manufactured in accordance with the California Medical Cannabis Regulations
- Sales of its products are expected to start in Q4 of 2022 in California, with the goal to later launch in the UK and Israel
- In tandem with the sale of its products, Cannabotech will also launch its personalization technology, which is designed to ensure higher clinical efficiency
HERZLIYA, Israel, April 6, 2022 /PRNewswire/ -- Cannabotech (CNTC.TA), an Israeli biomedical startup that develops botanical solutions for integrative oncology and preventive medicine, today announces a new strategic partnership with the Californian corporation go NXT LVL. This agreement will allow Cannabotech's integrative oncology products to be developed and manufactured at go NXT LVL's facilities in accordance with the California Medical Cannabis Regulations. The move marks the next phase in Cannabotech's efforts to bring its products to market, with sales of its products to oncologists and integrative caregivers expected to start in Q4 of 2022 in California.
Cannabotech also intends to make the vast scientific information it has accumulated, accessible to Californian physicians and caregivers, including the research it is currently conducting in Israel on the nine products designed to help patients with breast cancer, colon cancer, pancreatic cancer, lung cancer, prostate cancer and chemotherapy side effects such as neuropathic and inflammatory pain.
In addition, Cannabotech intends to leverage the Forum of Experts it has established, including several senior Israeli oncologists, to recruit senior oncologists and therapists in California to recommend incorporating its integrative oncology products as part of the conventional anti-cancer treatment they currently prescribe.
In parallel with the sale of its products, Cannabotech's personalization technology is also expected to hit the market in late Q4 of 2022. This technology is designed to help ensure higher clinical efficiency by allowing patients to find the most effective medical solutions for them depending on the subtype of cancer they suffer from, the anti-cancer treatment chosen by their physicians, and the patient's genetic setup or tumor.
go NXT LVL has licenses for the production and distribution of medical cannabis products and has been operating for several years in the development and production of high-quality cannabis products. go NXT LVL's production and distribution facilities are located in Desert Hot Springs, an area exempt from municipal cannabis taxes. California cannabis taxes may reach around 50% of the final product price per customer and constitute a significant barrier for many consumers who cannot afford paying for it. go NXT LVL's location exemption from the municipal tax thus enables them to produce cannabis products at competitive prices.
Additionally, go NXT LVL has a distribution network for medical cannabis products through which it advises patients, provides them with medical prescriptions, and delivers products to their homes. Cannabotech plans to use this distribution network as part of its California market penetration strategy. Moreover, go NXT LVL has extensive experience in using Nano-Emulsion technology which improves formulae's stability, increases the bioavailability of cannabinoids in the body, and shortens the time required from the moment of use to medical effect.
The California cannabis market is the largest in the world, estimated to be worth over $4.5billion in 2012. California was the first in the world to approve medical cannabis regulations, as early as 1996, and its cannabis market is one of the most mature in the world, with hundreds of brands and products, in a wide range of consumer products sold at hundreds of official outlets called dispensaries. Cannabotech aims to leverage its operations in California to locate potential partners in more states in the U.S. and Canada.
Following the launch of their products in California, Cannabotech also hope to bring their products to market in the UK and Israel.
Cannabotech CEO, Elhanan Shaked, said: "This is a significant milestone in Cannabotech's growth, allowing us entry into the world's largest cannabis market, with unique medical solutions that will be specific and distinct from all other players in this arena. We are excited about finding such a professional partner as go NXT LVL, with their ability to develop and manufacture Cannabotech's complex formulae while adhering to local medical cannabis regulations. The vision and path we established 3 years ago are now becoming a reality, and we are very proud of building a solid intellectual property in Israel and starting to commercially sell our products in the world's largest cannabis market before the end of this year."
About Cannabotech:
Cannabotech is an Israeli biomedical startup that develops botanical solutions for integrative oncology and preventive medicine. These solutions are based on combinations of active agents from the cannabis plant and functional mushrooms that work on two central systems in the human body: the endocannabinoid system and the immune system.
As part of the concept of integrative medicine, in the last two years, Cannabotech has been developing a series of 9 products designed to help patients with cancer and chronic pain based on unique combinations of botanicals from medical cannabis and mushrooms-based extracts. Upon completion of their development, the company's goal is to designate the products to be integrated into oncology patients' existing treatment protocol (Q4 2022).
Simultaneously, Cannabotech is working to develop a technology for treatment personalization and defined treatment protocol for the physicians.
Cannabotech share is traded on TASE under the symbol CNTC.TA
For more information, visit: www.cannabotechpharma.com
For investment opportunities and collaborations: [email protected]
Cannabotech offices are located in Herzliya, Israel.
2. https://www.statista.com/statistics/1070983/cannabis-market-size-estimates-in-select-us-states/
SOURCE Cannabotech
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