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Diversified player BPH Energy Limited’s (ASX:BPH) investee, Patagonia Genetics SpA has recently notified that it has executed a JV agreement with Bio-Sciences Pharma Ltd or BSP, a subsidiary of Impact NRS (NRS).
Bio-Sciences Pharma is an Israeli based innovative science and technology group and a Cannabis Cell Transformation Platform, which holds the unique potential of combining cutting edge gene editing tools with state-of-the-art breeding technologies.
The Israeli firm is a subsidiary of NRS, which utilizes cutting edge precision molecular biology tools with exclusive and novel statistical prediction algorithms to build and commercialize visionary integrated solutions to address critical global challenges in wellness, health and sustainable development.
Key Details of the JV Agreement
Patagonia has executed JV agreement with a firm at the forefront of medical cannabis research in Israel (BSP) to speed up the cultivation, testing and cataloging of its genetic collection, as well as the commercialization of any genetics that demonstrate unique medicinal properties.
As a part of the JV agreement, Patagonia will supply the Israeli firm with 94 cultivars to undertake an 18-month study, as well as obtain the required phytosanitary certificates to allow their import into Israel.
The objective of the 18-month study is to examine how each of over 100 active compounds found in cannabis can interact within the Cannabis plant. Once individual compounds and their effects have been defined, gene expression in plants can be altered to generate the desired cannabinoids as well as nullify any negative side effect.
Patagonia informed that the genetic samples will be disseminated under BSP's cannabis cultivation license in Israel. Moreover, a Certificate of Analysis (CoA) will be generated for each cultivar quantifying the terpene and cannabinoid profiles, including cannabidiol (CBD) and Tetrahydrocannabinol (THC).
Patagonia and BSP will evaluate the results and seek to co-commercialize any cultivars of interest at the end of the study.
Lens through Patagonia’s Considerable Progress
To recall, BPH Energy acquired 10 per cent stake in Chile-based craft cannabis company, Patagonia Genetics Pty Ltd in August 2019, with an option to acquire an aggregate shareholding of 49 per cent.
Since then, Patagonia has made considerable progress in the medicinal cannabis sector, achieving the following milestones:
- Purchased initial 1,300ltrs of Wonderland Agronutrients products in September 2019 to deliver samples to major licensed producers and expand shops globally.
- Acquired an additional 24 CBD and Hemp strains from Buddah Twinz in November 2019 to expand its initial collection of more than 260 strains and to accelerate the plans to commercialize its genetic library in early 2020.
- Acquired 4 per cent stake in Cannabidiol (CBD) Carmagnola hemp phenotype in December 2019.
With medicinal cannabis sector demonstrating significant growth potential, there are sizeable market opportunities ahead for Patagonia and its shareholder, BPH Energy. Moreover, Patagonia is well on track to commercialize its genetic library in 2020.
BPH closed the trading session at $0.001 on 28th January 2020.
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