Israeli firm iCAN has secured distribution and marketing rights for an innovative cannabis patch in several markets across the globe.
The company hosts CannaTech summits each year in Tel Aviv and it has recently started taking the show on the road, hitting London, Sydney, Hong Kong, and Panama. That allows it to see a cutting edge cannabis technology up close, and it was impressed by an eluting patch platform produced by Baltimore-based The Greater Cannabis Company (OTC: GCAN).
The innovative marijuana delivery system uses a patented muco-adhesive and multi-layered film that dissolves in the mouth to deliver a precise dose into the body. Clinical studies, part-funded by the U.S. National Institutes of Health, have delivered a positive assessment of its capabilities.
iCAN has signed a binding letter of intent to be the exclusive distributor of the patches in Israel, Australia, South Africa, The Netherlands, Mexico, Colombia, Panama, Germany, Austria, Switzerland, Malta, Macedonia, and Portuguese territories.
“I have seen many ground-breaking innovations come through our CannaTech conferences, and the eluting patch technology was a platform I was particularly impressed with,” said Saul Kaye, chief executive at iCAN. “I believe this technology can redefine how consumers think about cannabis.”
The patch offers users the ability to ingest small dosages of cannabis, and it also allows for the slow release of the active ingredients in marijuana. Kaye anticipates “rapid traction” in the wide range of markets around the world that his firm intends to target.
The Israeli parliament recently voted in favour of allowing firms to export medicinal marijuana around the world, and Kaye believes cannabis will become as important as technology to the country’s economy. Tel Aviv is teeming with startups, and many of them are in the fields of tech and iGaming, but Kaye is convinced that cannabis can be just as lucrative.
Israel has a long history of producing and working with medicinal marijuana, and it already has the infrastructure in place to become a dominant player on the global market. Kaye describes it as the most advanced nation in cannabis research and development and he estimates that exports will quickly hit the $1 billion mark.
Altian Zacharin, chief executive of Greater Cannabis, called Kaye an industry leader, adding that he is “at the forefront of everything tech in cannabis”.