Israel-based Cannabi-Tech Ltd. (CBT), which provides lab-grade medical cannabis quality control testing systems, has closed a seed investment round of $1 million, and appointed two new directors to its board.
The round will support the North American launch of Cannabi-Tech's fully-integrated testing platform for medical cannabis labs and dispensaries. The robust system features patented optical testing and advanced imaging tools for the industry's most accurate quality control testing of medical marijuana flowers, along with integrated cloud database, sorting and labeling systems, traceable packaging, mobile apps, and more.
CBT cofounder and CEO Dr. Guy Setton said, "We are on a mission to become the leader in the nascent North American market for medical marijuana testing, quality control and packaging systems, helping both producers and distributors provide patients with the level of stringent quality assurance we all expect from medical-grade products."
An FMG and soft commodities market veteran, Dr. Setton has teamed with Cannabi-Tech's Chief Scientific Officer Prof. Oded Shoseyov of the Hebrew University in Jerusalem to build and market Cannabi-Tech's suite of products and services.
"Composition and potency of cannabis can finally be tested independently for each and every flower in a truly non-destructive manner within seconds," said Prof. Shoseyov, an acclaimed nanobiotechnology authority who has been featured on TED, authored more than 160 publications and holds dozens of patents. "This marks a major advancement in the efficiency, efficacy, and quality control for the exploding medical marijuana industry, and one that stands to benefit every supplier and every patient in this ecosystem."
Backers included the Agrinnovation fund, managed by Dr. Ido Schechter and backed by Yissum, the technology transfer company of the Hebrew University, Daniel Furman, Cannabi-Tech’s new chairman and founder of Arba Finance, an investment banking boutique, Pavel Ezekiev, who has also joined as a director, a founding partner of NEVEQ, the early stage venture capital fund backed by London-based EBRD and EU’s European Investment Fund.
Published by Globes [online], Israel business news - www.globes-online.com - on February 2, 2017
© Copyright of Globes Publisher Itonut (1983) Ltd. 2017