Cannabis seeds developed by CanBreed (Courtesy)
Startup uses gene-editing technology to create cannabis seeds that are uniform and high quality, in a bid to increase profitability in the industry with more resilient species
CanBreed, an Israeli genetics and seed company that develops and enhances uniform and stable cannabis seeds, said Tuesday that its fully owned subsidiary CanBreed Farms Inc. has received a license to grow and breed hemp seeds in the farm it owns in San Diego County in California.
At the farm, the construction of a hemp seeds production facility is underway. The farm’s initial planned capacity is 12.5 million seeds a year, which will gradually increase to 50 million seeds a year.
Nearly 500 thousand acres of hemp is currently grown in the USA and is forecasted to increase fivefold by the end of the decade, reflecting a potential addressable market of at least $5 billion for hemp seeds in the US alone, compared with a $1 billion potential market today, the company said in a statement.
At the site of the San Diego farm the firm is also building labs, greenhouses, and facilities to produce the seeds. The company expects the farm to become fully operational during the fourth quarter of this year, and commence production of the first batches of seeds for the US market towards year’s end. In mid-2021, the company will begin recruiting professional staff to operate the farm, the statement said.
Published: March 30, 2021
Founder & Interim Editor of L.A. Cannabis News