Microbial contamination projected to cost cannabis industry $3 billion
Tel Aviv, Israel, Jan. 06, 2022 (GLOBE NEWSWIRE) — Save Foods (NASDAQ: SVFD) (“Save Foods” or the “Company”), an Israeli Agri-Food Tech company announced today a distribution agreement with Israeli cannabis company BRLEV AGRICULTURAL CROPS LTD. (“BRLev”) to provide Save Foods’ eco crop protection treatment as a white label offering to its global network. Save Foods’ green alternatives to pesticides are proven to be highly effective on fruit and vegetables
BRLev, is the distributor of one of the largest and unique stocks of medical cannabis strains, developed at the Volcani Centre, Israel’s largest agricultural research organization. These unique strains are distributed to leading cannabis farms. Applying Save Foods’ products on a range of different plants will give the Company the opportunity to confirm its wide-ranging effectiveness.
Asaf Bardichev, co-founder and CEO of BRLev, commented: “We are very excited to start working with Save Foods to introduce their product to growers and distribute it. Mold is a major problem in the cannabis industry as pesticide use is restricted and chemical additives usually affect the quality and flavor of the plant. With Save Foods’ eco crop protection treatment we can reduce crop loss and retain the delicate qualities of the plant.”
Cannabis is one of the fastest growing industries in the United States, and the cannabis market is projected to be worth over $100 Billion by 2030. California is currently the biggest cannabis market in the world, with $4.4 billion in sales in 2020 and is a consistent leader in innovative and environmentally sensitive policies with the most comprehensive state pesticide regulation program in the nation, viewed as the gold standard by many other states and countries. In November 2021, Save Food’s product was approved for use on cannabis by the California Department of Pesticide Regulation (CDPR).
Cannabis crops are fast-growing and produce a high yield, which makes them, highly susceptible to mold and bacteria. Contaminated cannabis is potentially fatal when consumed by immunocompromised patients, so all crops are tested for microbial contamination. Around 10% of cannabis crops fail this test and crop loss has been identified as $3 billion problem for the industry by Cannabis Science and Technology.
Dr. Neta Matis COO of Save Foods Ltd, the Company’s Israeli subsidiary, commented: “There is a huge need for our products in the cannabis industry to prevent and treat mold and pathogens. Recent regulations have been much tighter regarding microbial testing and pesticide residues, so there is a greater need for green solutions.
“It is a logical step for Save Foods to expand into the cannabis market as our eco crop protection product addresses exactly this problem. BRLev is an excellent match to distribute Save Foods’ products via their expanding distribution network of cannabis growers. We believe that our advanced technology has the potential to become a natural alternative to radiation treatment, which is widely used for decontamination,” concluded Dr. Matis.
About Save Foods
Save Foods is an Israel-based Agri-Food Tech company that addresses two of the most significant challenges in the fresh produce industry: food waste and loss and food safety. Save Foods is dedicated to delivering cost-effective, easy to implement solutions for improved safety, freshness and quality, every step of the way from field to fork. Collaborating closely with its customers, Save Foods develops technology that benefits the entire supply chain and improves the safety and quality of life of both workers and consumers. Save Foods’ initial applications are in post-harvest treatments in fruit and vegetable packing houses processing citrus, avocado, pears, bell peppers and mangos. By controlling and preventing pathogen contamination and significantly reducing the use of hazardous chemicals and their residues, Save Foods’ eco products not only prolong the shelf life of fresh produce and reduce food loss and waste, but they also ensure a safe-to-consume end-product. Save Foods’ treatment is approved for post-harvest use on Cannabis by the California Department of Pesticide Regulation (CDPR).
BRLev is a private Israeli company operating a breeding and growing cannabis farm. BRLev holds the exclusive rights to commercialize the cultivars derived of one of the largest ongoing cannabis-breeding projects conducted at the Volcani center, Israel’s largest agricultural research organization, considered a global leader in the field, and led by Prof. Moshe Flaishman. This project enables increased reproducibility and the development of strains with high THC, CBD and CBG, and with additional less common active ingredients, cannabinoids and terpene, critical to the therapeutic profile of the plant. Over the years, BRLev has collaborated on leading medical studies in the field of cannabis and is continuing to do so with leading medical institutions. BRLev is the distributor in Israel of the unique medical cannabis strains developed by Prof. Moshe Flaishman and plans in the near future to expand the supply of these unique cannabis strains to leading cannabis growing farms around the globe.
Forward Looking Statements
This press release contains forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995 and other Federal securities laws. Words such as “expects,” “anticipates,” “intends,” “plans,” “believes,” “seeks,” “estimates” and similar expressions or variations of such words are intended to identify forward-looking statements. For example, we are using forward-looking statements in this press release when we discuss providing our eco crop protection treatment as a white label offering to BRLev’s global network, that applying Save Foods’ products on a range of different plants will give the Company the opportunity to confirm its wide-ranging effectiveness, reducing crop loss and retaining the delicate qualities of plants, the size of the cannabis market and the rate of growth, greater need for green solutions, and that BRLev can provide Save Foods with access to cannabis growers via their expanding distribution network of cannabis growers. Because such statements deal with future events and are based on our current expectations, they are subject to various risks and uncertainties. Actual results, performance or achievements could differ materially from those described in or implied by the statements in this press release. The forward-looking statements contained or implied in this press release are subject to other risks and uncertainties, including market conditions and the satisfaction of all conditions to, and the closing of, the offering, as well as those discussed under the heading “Risk Factors” in Save Foods’ annual report on Form 10-K filed with the SEC on March 29, 2021, and in any subsequent filings with the SEC. Except as otherwise required by law, we undertake no obligation to publicly release any revisions to these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. References and links to websites have been provided as a convenience, and the information contained on such websites is not incorporated by reference into this press release. We are not responsible for the contents of third-party websites.
MEDIA AND INVESTOR RELATIONS CONTACT
Mia Serra, IR&PR | IR@savefoods.co