North America firm acquires Israeli-based cannabis provider, opening market
The organic strips are said to help manage pain, increase concentration, serve as an antidepressant, and enable better sleep.
By DAVID DIMOLFETTATHERE IS one area where I would like to see Israel take a page from the American playbook: legalization of cannabis.(photo credit: PIXABAY)
Vancouver-based investment firm Nabis Holdings Inc. announced Tuesday the completed acquisition purchase of 49 percent of Israeli-based cannabis consumption provider Cannova Medical Ltd. in an effort to bring Israeli cannabis products to Canadian markets.Cannova’s product, a sublingual strip infused with cannabis molecules and natural ingredients, allows more effective dosage control coupled with stronger effects, according to a Nabis Holdings press release.The organic strips are said to help manage pain, increase concentration, serve as an antidepressant, and enable better sleep.“We are excited to work with the Nabis team leveraging their extensive experience and capabilities to help us reach our growth goals faster,” said Omri Schanin, Founder & CEO of Cannova.Shay Shnet, CEO and Director of Nabis, is “thrilled” to have closed the deal and bring Cannova’s product to market.“Our goal for strategic investments at Nabis is to enter multiple aspects of the cannabis sector including related technology,” he said. “The Cannova team is focused on developing innovative solutions addressing an industry wide concern to have the ability to better measure cannabis consumption.”Cannova is also developing a strip customization machine, known as the NovaJet, where users can create their own sublingual strips with “specific measured quantities of cannabinoids and other natural substances, customised to their unique demand.”The Knesset passed an amendment last year allowing for the export of medical cannabis from Israel, allowing the nation to enter a global market with a projected worth of $130 billion by 2029, according to New York-based investment bank Jefferies Group LLC.
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