Tel Aviv, Jan. 21, 2022 (GLOBE NEWSWIRE) -- Citrine Global Corp.’s (OTCQB: CTGL) subsidiary, Cannovation Center Israel Ltd. (Cannovation), announced that it has launched its "Green Side by Side" products line and has entered into a Collaboration Agreement with Intelicanna Ltd. to sell and market the products in Israel as complementary products for medical cannabis patients.
The "Green Side by Side" products line contains natural & herbal formulas based on researched and science-based plants, herbal extracts, mushrooms, and other natural ingredients. The products are in multiple form factors, including oral sprays, capsules, tablets among others. The Agreement with Intelicanna for sales & marketing of the product line in Israel is part of Cannovation's strategy to expand sales through collaboration with local partners in Europe, North America, Asia and more
Intelicanna Ltd. is a public company traded on the Tel Aviv Stock Exchange and is primarily engaged in plant genetics, agro technologies, product development, sales and marketing of medical cannabis products.
The "Green Side by Side" product line is part of Cannovation's strategy to bring to market plant-based wellness and pharma innovation and products based on research and development. As previously disclosed, in October 2021 a Provisional Patent Application No: 63/257,673 for “PHARMACEUTICAL COMPOSITIONS AND METHODS FOR THE TREATMENT OF SIDE-EFFECTS ASSOCIATED WITH THE USE OF CANNABIS, CANNABINOIDS AND RELATED PRODUCTS” was filed. The invention addresses the needs of medical cannabis patients who experience side effects related to their cannabis treatment. Research indicates that there are medical cannabis patients who experience side effects from their medical cannabis treatment such as: dry mouth, bad mouth taste, headaches, dry eyes, dizziness, drowsiness, fatigue, nausea, vomiting, among other symptoms. Some medical cannabis patients continue treatment despite experiencing side effects, while others choose to discontinue treatment even when achieving good clinical results with the cannabis treatment1. While the medical cannabis treatment market is forecast2 to nearly triple from $16 billion in 2021 to $46 billion in 2026, there is a growing and unmet need to address the side effects associated with medical cannabis treatment.
Ora Elharar-Soffer, Chairman of the Board and CEO stated, "We are excited to launch the Green Side by Side product line in Israel. The collaboration with Intelicanna is part of our strategy to distribute our products line as complementary products for medical cannabis patients via medical cannabis pharmacies and distribution channels, alongside its other non-cannabis related uses. We are targeting to expand sales with value-add professional partners all over the world." Elharar-Soffer further commented that: "We believe in natural products from the plant world and are researching and developing additional products. In parallel with our R&D and sales activities, we are building the Cannovation Center in Southern Israel, which is being designed as an operational innovation center for the production and development of products for the botanical and medical cannabis industries. The Center will serve as an ecosystem for these industries in Israel and around the world."
Ori Weiss, CEO of Intelicanna, stated that, "The collaboration with Cannovation is in line with our expansion strategy that includes solutions for medical cannabis patients in Israel. Israel is one of the countries that has the highest number of medical cannabis patients, and we target to provide them complementary products to improve their quality of life. This strategy will enable us to position the patient in the center and provide a complete set of solutions covering our medical cannabis products and more. We believe that this will lead to an increase in sales and open a significant sales channel for complementary products".
About Citrine Global Corp. and Cannovation Center Israel Ltd.
Citrine Global's business activity is primarily comprised of developing wellness and pharma technologies, products, and solutions for the botanical and medical cannabis industries.
Citrine Global's headquarters and senior management are based in Israel, where the company operates via its 100%-owned-subsidiary “CTGL Citrine Global Israel Ltd. and 60%-owned “Cannovation Center Israel Ltd”.
Citrine Global team has a strong foothold in Israel with leading universities, researchers, labs, industry leaders, companies and entrepreneurs and views Israeli technologies as a source of innovation for global markets.
Citrine Global's vision is to become a leading global company for wellness & pharma technology solutions in the botanical and medical cannabis industries and to improve people’s health and quality of life worldwide.
You are invited to visit our website: http://www.citrine-global.com
For inquiries and further information, please contact: info@citrine-global.com
Safe Harbor Statement
This press release contains express or implied forward-looking statements within the Private Securities Litigation Reform Act of 1995 and other U.S. federal securities laws. For example, Citrine Global is using forward-looking statements when it discusses that Cannovation Center Israel Ltd. will create an eco-system that will attract partners, market leaders, companies, and technologies, and will turn Cannovation Center Israel Ltd. into a global center in these fields. These forward-looking statements and their implications are based on the current expectations of the management of Citrine Global and are subject to a number of factors and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. Factors that could cause actual results to differ materially from those estimated by the forward-looking statements contained in this communication include but are not limited to trends in target markets; effects of competition in the Company’s main markets; ability to establish and maintain strategic relationships in its major businesses, market acceptance of Cannovation’s Green Product Line, sufficient capital resources to realize our business plan, profitability of the growth strategy; and changes in global, political, economic, business, competitive, market and regulatory forces. Our actual results, performance, or achievements could differ materially from those expressed or implied by the forward-looking statements as a result of a number of factors, including the risks discussed under the heading "Risk Factors" discussed under the caption "Item 1A. Risk Factors" in Part I of our most recent Annual Report on Form 10-K and in our other filings with the SEC. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise that occur after that date, except as required by law.
1 Kudahl B, Berg ME, Posselt CM, Nordentoft M, Hjorthøj C. Medical cannabis, and cannabis-based medicine show both potential efficacy and potential harms PMID: 34425501
2 Market Data Forecast: Global Medical Cannabis Market Size, Share, Trends, COVID-19 impact, Growth Analysis Report
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