More entries into the medical cannabis derby: Evogene Ltd. (NASDAQ:EVGN), announced Wednesday that it has established a new subsidiary – Canonic Ltd – to develop next generation medical cannabis products.
The Israeli-based Evogene has been evaluating the medical cannabis field for more than a year, including market evaluation, obtaining governmental approvals for its research program and the establishment of a research facility, technology assessment and initial product line planning.
Canonic's initial activities will focus on creating improved cannabis varieties by addressing the current developmental roadblocks of yield, stability and specific metabolite composition.
The current cannabis market is estimated around $13 billion and is expected to grow to about $24 billion by 2025.
At noon hour Wednesday, stock prices for EVGN exploded 36 cents, or 20%, to $2.16, on bully volume of 739,000
