Canopy Rivers, one of the largest growers and suppliers of medical marijuana in the world, has invested $1.5 million in BioLumic, an agri-tech company based in New Zealand. The funds are intended to help the agri-tech company to develop UV treatments which can boost the performance and yield of marijuana plants.
Warren Bebb, the CEO of BioLumic, said that he was glad that companies from around the world were starting to pick interest in what his company is doing. Bebb attributes this interest to the results which they have already obtained for other flowering plants, such as tomatoes, soybeans, lettuce and strawberries.
The New Zealand parliament recently passed a law to give terminally ill patients a legal defense to possess and use cannabis (an illegal substance). This amendment has paved the way for companies with interests in medical cannabis to position themselves to get a share of the global medical cannabis industry which is predicted to grow to an $80 billion industry within the coming five years.
BioLumic is excited to take a shot at making a difference in the life of someone suffering from a terminal illness. The UV treatments developed by the company have already shown that performance and yield can increase by up to 40 percent. Test crops have been grown in various countries, such as Spain, Britain and Mexico.
Dr. Wargent, one of the co-founders at BioLumic, says that his company is unique because of the shorter time they need to treat plants. For example, they need just a week or two to treat seedlings and only a few minutes to treat seeds.
Once the scientists have treated the seeds or seedlings, no other treatment is required for the rest of the life of that plant.
Wargent, a photobiologist, explains that he started out by testing his revolutionary technology on just a few plants that he left within his bedroom. Last year, he and Bebb opened a state-of-the-art UV research and development facility at Massey University.
While the founders weren’t sure which exact direction their company would take, they were in agreement that it should become a unicorn (a start-up which grows to be worth at least $1 billion).
The investment by Canopy Rivers and other entities has helped BioLumic to get its journey to unicorn status underway. The funding from Canopy Rivers will also go towards expanding the Artificial Intelligence program of BioLumic in addition to upgrading security at their trial facilities around the world.
Marijuana Company of America Inc. (OTCQB: MCOA) and Lexaria Bioscience Corp. (CSE: LXX) (OTCQX: LXRP) congratulate BioLumic upon landing such a major client in the cannabis industry and hope that their partnership results in a method to take medical marijuana production to a new level of efficiency.
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