Harvest One acquires Israeli CBD-based drug company
Vancouver-based Harvest One cannabis company has acquired Israeli-based Phytotech Therpeutics Ltd. (PTL).
The $1-million acquisition gives Harvest One’s wholly-owned subsidiary Satipharm access to advanced patents in favourable jurisdictions that can be used for further R&D and product development to aggressively pursue the rapidly evolving cannabis oils market.
“Harvest One’s acquisition of PTL gives all of the company’s businesses access to valuable IP and capabilities that can be used to augment our health and wellness strategy as well as our medical offerings,” said Grant Froese, CEO of Harvest One in a release. “This acquisition further demonstrates the global nature of Harvest One, now with a presence in Canada, the United States, the European Union and Israel."
Founded in 2014, Phytotech has developed advanced oral delivery formulations for cannabinoid-based prescription drugs and holds an exclusive worldwide licensing agreement with Yissum Research Development Company, the commercial arm of the University of Jerusalem, for a proprietary lipid nanotechnology.
PTL was also responsible for administrating the successful clinical trials using Satipharm’s proprietary capsules. The Phase 1 clinical trials demonstrated the safety and high performance of the oral capsule technology, including the effective delivery profile of cannabidiol (CBD), while Phase 2 clinical trials were completed in 2017, returning favourable results in the treatment of pediatric epilepsy.
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