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MedReleaf Announces R&D Collaboration and Investment in Cannabis Grow Lighting Firm Flora Fotonica
CAN: MedReleaf partners with Israeli LED manufacturer Flora Fotonica
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.
Flora Fotonica's Co-Founder & CEO, Menachem Schwartz added: "MedReleaf is one of the global leaders in certified cannabis production and Flora Fotonica is a unique innovator in the indoor farming lighting systems arena. We believe the collaboration between our two companies will result in groundbreaking results in the cannabis market, both in terms of pricing as well as product quality."
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