IUVO Therapeutics GmbH (“iuvo”) and Advanced Canna Technologies Ltd. (“ACT”) have signed a non-binding letter of intent (LOI) concerning the supply of cannabis flowers.
The non-binding LOI expresses the interest of iuvo to purchase high quantities of cannabis flowers from ACT from Israel. Further details will be discussed in following conversations between the companies by the end of this year.
In strategic preparation for recreational legalisation in Germany, iuvo aims to expand its supplier network focusing on premium quality products.
The LOI follows a visit from Tibor Rietzsch Junge – Head of Marketing and Public Relations at iuvo – at a cultivation facility of Spring Valley Cannabis Ltd, in the North-East of Israel in May this year. The visit was organised by Or Engler, CEO of ACT. ACT will run operations at the state-of-the-art facility for Spring Valley Cannabis Ltd.
The indoor facility is equipped with the newest standard of LED (Fluence Bioengineering) and fully controlled climate grow units. Every grow room is connected to an autonomous air control unit (HVACD). This not only comparts the facility in precise units allowing batch-specific growing conditions but adds to the overall sanitation: Contaminations are filtered in each air control unit. The post-harvest process will be executed under precisely tuned settings with separate rooms for drying and curing. The automated high-tech facility enables ACT to have a data-driven scientific cultivation which likely leads to an annual production of 10,000 kg of consistent premium-quality of cannabis flowers.
The facility is located in Revaya near the Jordan river and historic sites such as the Gilboa mountain range and the sea of Galilee.
ACT has long-time experience in designing and operating cannabis grow facilities. The references range across facilities in California, Portugal and back to early adult-use legalisation in Washington State. Results of extremely high concentrations of active ingredients above 30% were recorded repeatedly. During 2021, ACT managed the production of 11,500 kilos of dried premium cannabis flowers.
At over 80M citizens, Germany is the fourth largest economy in the world and the largest medical cannabis market in Europe to date. More than nine metric tons of medical cannabis were delivered to German pharmacies in 2021. Estimations of the future legalised adult-use cannabis market range from a consumption of 300 to 500 tons per year.
About iuvo Therapeutics
Iuvo wants to improve quality of life with cannabis. The company finds the best cultivators around the world for patients in Europe. Iuvo stands for quality and transparency. The people at iuvo are cannabis enthusiasts, embracing its culture and community. Iuvo is a fully licensed GMP/GDP pharmaceutical importer, manufacturer, and wholesaler headquartered in Germany.
About Advanced Canna Technologies
ACT is a cannabis consulting and operating company with operations and production contracts in Israel, Europe, and USA. ACT operates a large indoor facility in Israel, planning to produce approximately 10 tons of premium cannabis flowers per year. Some of which to be exported to the EU markets under EU GMP requirements. ACT intends to be ready to export from the Israeli facility at early 2024.
