Medicinal Genomics, a genomics and blockchain technology company engaged in improving the yield, safety and transparency of cannabis, signed an agreement with Eldan to launch its services in the Israeli cannabis market.
The company signed the product distribution and sales agreement with Eldan, which is a medical device and life sciences distributor in Israel and is a member of the Neopharm Group.
The agreement gives Eldan access to the Medicinal’s cannabis testing platforms for the detection of cannabis genes, genotypes, microorganisms, pests and pathogens on or in cannabis, as well as the company’s genomics solutions, including the recently announced cannabis pan-genome project.
“We are honored to have Eldan represent MGC in the Israeli market,” Medicinal Genomics CEO Brendan Mckernan stated. “They are, without a doubt, the leading and most respected medical equipment and life sciences distributor in that part of the world. We look forward to working with them to raise the production standards for cannabis yield, safety and research.”
Israel Cannabis Market
The Israeli market has long been known for its role in pioneering cannabis research, beginning with one of the giants in the field, Dr. Raphael Mechoulam, known as the Father of Cannabis Research, who indeed was the first to discover and isolate tetrahydrocannabinol, or THC, the psychoactive component of cannabis. Dr. Mechoulam is also an advisor of Medicinal and is a frequent speaker at the company’s CannMed Conference.
As signs that Israel’s cannabis industry is moving towards normalization, recently Israel voted to decriminalize recreational use, passed the approval of cannabis exports, and saw a cannabis technology conference in Tel Aviv draw over 1,000 participants from 45 countries.
A survey in 2017 showed that 27% of Israelis between the ages of 18 and 27 consumed cannabis in the prior year, one of the highest rates of consumption in any country. Currently, about 35,000 Israelis hold medical cannabis licenses, but usage is expected to jump with the passing of this latest legislation.
“Patient demand in Israel and Europe is big and getting bigger every day. We believe that by making Medicinal Genomics’ products available to these growing markets, we can help provide a safer, more consistent product for those who need it most,” Moshe Ben-Simon, senior vice president of Eldan’s Life science’s division, stated.