Israeli cannabis startup ‘StickIt’ to collaborate on new product

Israeli cannabis startup “StickIt” announced the signing of a cooperation agreement with Green Globe International subsidiary “Hempacco”, a leading producer of herbal and hemp cigarettes, on Thursday morning to produce “sticks of cannabis “, StickIts’ exclusive product, a stick (reminiscent of a toothpick) of oil-free ‘CBD’ cannabis components that can be easily inserted into any cigarette.

Hempacco and StickIt intend to produce around 10 million “cannabis sticks” each month for export to the United States and Mexico. The factory will be built in California, USA, and is expected to come online in January 2022.

Hempacco and parent company Green Globe International develop, manufacture, market and sell cannabis-related products, such as rolling papers, hemp products and Hempacco’s flagship product, “CBD cigarettes”.

“This is an important move for the company, as part of its expansion and growth strategy for foreign markets,” said Eli Ben Arush, CEO of StickIt.

StickIt founder Dr. Asher Holtzer agreed with the positive sentiment.

“The cooperation formed with the Green Globe International subsidiary, Hempacco, along with other collaborations that we have announced with other companies abroad, places us as a leader in its field in the cannabis industry.”

StickIt’s proprietary cannabis sticks contain the cannabinoid CBD. CBD (cannabidiol) is one of 113 cannabinoids identified in cannabis plants, along with THC (tetrahydrocannabinol), which is the active ingredient in what is colloquially known as “marijuana” or “herb”.

StickIt Box Mockup (credit: COURTESY OF STICKIT)

The positive effects of CBD on anxiety, cognition, movement disorders, and pain continue to be studied for its potential health benefits. Various products, from extracts to pills and even cosmetic creams, contain CBD as an active ingredient.

Medical marijuana has been allowed in Israel since the early 1990s for cancer patients and those with pain-related conditions such as Parkinson’s, multiple sclerosis, Crohn’s disease, and other chronic pain disorders. In 2004, the IDF began using THC for the experimental treatment of post-traumatic stress disorder (post-traumatic stress disorder) in soldiers.

Cannabis has been studied in Israel since 1964, when Israeli scientists Raphael Mechoulam of the Hebrew University and Yechiel Gaoni of the Weizmann Institute isolated the THC component from a cannabis plant.

A 2017 survey by the Israel Anti-Drug Authority found that 27% of Israelis between the ages of 18 and 65 had used cannabis in the past year, up from 8.8% in 2009, giving Israel the highest rate. of annual cannabis use in the world. followed by Iceland and the United States with 18% and 16% respectively. Cannabis is illegal in Israel, although it is partially decriminalized for recreational use, meaning that the first two violations will result in civil fines rather than criminal charges.

Global demand for cannabis has risen steadily since the US states of Colorado and Washington legalized cannabis for recreational use in 2012. Cannabis sales in the United States alone totaled $ 17.5 billion in 2020, according to BDSA, a data platform. of cannabis sales.

A man prepares a cigarette laced with marijuana during Cannatech 2017, an annual event of the global cannabis industry, in Tel Aviv, Israel, on March 20, 2017 (credit: REUTERS / AMIR COHEN).A man prepares a cigarette laced with marijuana during Cannatech 2017, an annual event of the global cannabis industry, in Tel Aviv, Israel, on March 20, 2017 (credit: REUTERS / AMIR COHEN).

“We recently announced our launch on the Canadian Stock Exchange for a value of $ 50 million,” continued Ben Arush.

“We have received huge investment requests and we are happy to allow our investors to grow with us. We will be at the forefront of technology in the global cannabis industry. “



Reference-www.jpost.com

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