Flora Fotonica Ltd., a developer of advanced grow light technologies for the Cannabis industry and MedReleaf Corp. (TSX: LEAF), Canada’s first and only ISO 9001 and ICH-GMP certified cannabis producer, are pleased to announce the signing of a binding agreement to invest and collaborate on the research and development of specialized grow lighting systems for cannabis cultivation. Flora Fotonica will provide MedReleaf with exclusive access to its proprietary LED lighting technology and MedReleaf will dedicate licensed growing space, laboratories, and research personnel. Financial terms of the agreement are not disclosed.
“We have a deep connection to the world leading Israeli medical cannabis industry and a successful track record bringing their research and innovations to market on an industrial scale,” said Neil Closner, CEO of MedReleaf. “Our ability to iterate quickly and drive ongoing process improvements are a source of competitive advantage that allows us to increase capacity and lower production costs throughout our cultivation activities. In working with Flora Fotonica, we will continue to advance the global standard MedReleaf has set when it comes to product quality, yield, and crop optimization in the cannabis industry.”
Flora Fotonica has developed a proprietary lighting technology that is expected to enable significant increases to crops yield and active cannabinoids such as THC and CBD while substantially reducing energy consumption versus other LED lighting systems used in the industry today.
