ISRAEL – Cannibble FoodTech, an Israeli-based food-tech developer of cannabis-based edibles targeting a variety of different, new and revolutionary types of cannabis infused food and beverages, has unveiled plans of listing on a major stock exchange by the end of 2020.
Cannibble Foodtech is currently on its second fund raising round after successfully closing a US$1 million investment round in March last year. The round saw the startup become the first company in Israel to raise US$1m from a crowdfunding platform and to cross the 1,000 investors bar.
In March this year, the company revealed that it is targeting a raise of 4 million NIS (approximately US$1.15 million) which the firm said will be dedicated to achieve 5 goals seeking to take Cannibble forward as a market leader in its segment of infused edibles.
Cannibble said that it is seeking to list on the Canadian Securities Exchange (CSE). The firm is also looking to open an office in Miami, USA to serve the US market and expand its global network, develop and inventory to address market demand and further expand its marketing and sales platform.
The company recently signed a Letter of Intent towards a definitive agreement for manufacturing and distribution of Nana’s Secrets’ edibles, where it desires to expend its edibles line of products for new segments unseen in the cannabis edibles market.
This bi-directional distribution rights also enables Cannibble to import and distribute Nana’s Secret products to Israel according to local regulation.
“We are excited to learn that our products are so unique with high quality that other major and famous edibles manufacturers as Nana’s Secrets are teaming up with us to create and sell new infused edibles products,” commented Yoav Bar Joseph, CEO Cannibble.
With these ambitious expansions, Cannibble is poised to tap into the exploding cannabis food and beverage market, which was valued at just US$427.0 million in 2018 and is estimated to reach US$2.632 billion by 2026, registering a CAGR of 26.6 % from 2019 to 2026,according projections by Allied Market Research.
North America was the most prominent regional cannabis food and beverage market in 2018, attributed to lifting of ban on addition of cannabis in the production of food and beverages in the U.S. Around 33 states in the U.S. have legalized addition of cannabis infusion in food and beverages.
However, there are still regulations in many other parts of world about the use of cannabis while preparing food and beverages.
This factor has been pointed to dent investments in the cannabis-infused food and beverages industry in these regions, which is affecting the overall growth of the global cannabis food and beverage market.