Canadian cannabis propagation and cultivation company AgraFlora Organics International Inc (CSE:AGRA) has stuck a partnership with Toronto-based medical technology company Relay Medical (CSE:RELA) to dive into the medical tech side of the burgeoning cannabis sector.
AgraFlora (formerly PUF Ventures Inc.) and Relay on Thursday announced o the formation of private company Glow Life Technologies, owned 50 per cent by Relay, 30 per cent by AgraFlora and 20 per cent by private investors. AgraFlora has committed $200,000 to the company, while the private investors have committed $500,000, for a total of $700,000. AgraFlora operates propagation and cultivation facilities in Delta, BC, and London, Ontario, the latter of which the company recently acquired the last portion, now owning
100 per cent of the facility.
AgraFlora President and CEO Derek Ivany says opportunities abound in the fledgling cannabis sector with respect to medical technologies.
"The combination of a new industry with unbridled expansion has created a critical need for technology to support, enhance and maintain the quality, health and safety needs for cannabis use as a medicinal and controlled substance,” said Derek Ivany, President & CEO of AgraFlora Organics International Inc., in a press release.
”The development of such technologies requires a level of sophistication and MedTech experience that is not yet commonplace in the industry, and we could not think of a better partner than Relay Medical and [CEO] Lahav Gil to address this opportunity. We are very excited to join them in the path to recognizing Glow's full potential,” Ivany says. Glow Life is expected to pursue opportunities related to areas of the cannabis sector such as scientific validation, diagnostics, health and safety, screening, compliance and quality control/assurance.
Last week, AgraFlora closed on a $40-million equity participation and earn-in agreement with cannabis industry investment firm Delta Organic Cannabis Corp., to be used in completing AgraFlora’s retrofit of its 2.2 million sq. ft. greenhouse for cannabis cultivation in Delta, BC, one of the largest facilities in the industry.
Disclosure: Agraflora and Relay Medical are sponsors of Cantech