Aggregate economic loss for cannabis businesses estimated as high as 20% from pathogens infecting cannabis inflorescences
Miami, FL, May 05, 2022 (GLOBE NEWSWIRE) — Save Foods (NASDAQ: SVFD) (FSE:80W) (“Save Foods” or the “Company”), an agri-food tech company specializing in eco crop protection that helps reduce food waste and ensure food safety, today announced preliminary results from a third-party trial of its eco crop protection treatment demonstrating up to 90 percent reduction of pathogens in cannabis inflorescences (flowers). Risk of contamination is present at every stage of the cultivation process. Beyond the health of the plant itself, both medical patients and adult-use consumers can be adversely affected by microbial contaminants. Pathogen contaminants pose an obvious health risk and product recalls can cost companies millions of dollars in profit loss and civil damages.
“The ability of Save Foods’ treatment to reduce disease development on cannabis is an exciting development with great potential, especially considering the limited availability of synthetic fungicides,” commented Dan Sztybel, CEO of Save Foods’ Israeli subsidiary. Currently, irradiation is widely used to minimize mold growth, however it significantly increases the cost of production, is not permitted for organic producers, and any possible effects on the organoleptic properties of the product still need to be assessed. “Our treatment to combat pathogens is a great alternative for producers and it ensures that consumer safety always remains a top priority without the potential of pesticide-related environmental or health risks,” continued Sztybel.
Cannabis is one of the fastest growing industries worldwide. According to a recent Forbes article, the legal cannabis market in the U.S. is expected to grow 20% to 30% annually, reaching $50 billion by 2026. Globally, the cannabis market is expected to grow from $28 billion in 2021 to $198 billion in 2028, a 32% CAGR over the forecast period, according to Fortune Business Insights.
According to a 2021 study published in Pest Management Science, the greatest challenge impacting cannabis crop production is dealing with pathogens that infect cannabis inflorescences, which can create economic losses as high as 20%. This impact can be especially difficult for cannabis businesses due to the high market value of the crop.
In a trial performed by a third party, Save Foods’ treatments were applied to 10 plants from two cannabis strains grown in a greenhouse over the cultivation period. The treated plants had approximately 75% to 90% lower inflorescences disease development compared to untreated plants with no impact on the organoleptic properties observed.
“This is a massive new market for our products and clearly demonstrates the wide application potential for our solutions,” continued Sztybel.
About Save Foods:
Save Foods is an innovative, dynamic company addressing two of the most significant challenges in the agri-food tech industry: food waste and loss and food safety. We are dedicated to delivering integrated solutions for improved safety, freshness and quality, every step of the way from field to fork. Collaborating closely with our customers, we develop new solutions that benefit the entire supply chain and improve the safety and quality of life of both the workers and the consumers alike. Our initial applications are in post-harvest treatments in fruit and vegetable packing houses processing produce including citrus, avocado, pears, apples and mangos.
By controlling and preventing pathogen contamination and significantly reducing the use of hazardous chemicals and their residues, Save Foods products not only prolong fresh produce shelf life and reduce food loss and waste, but they also ensure a safe, natural, and healthy product.
For more information visit our website: SAVE FOODS – SAVE FOODS
Forward-looking Statements:
This press release contains forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995 and other Federal securities laws. Words such as “expects,” “anticipates,” “intends,” “plans,” “believes,” “seeks,” “estimates” and similar expressions or variations of such words are intended to identify forward-looking statements. Actual results, performance or achievements could differ materially from those described in or implied by the statements in this press release. For example, we are using forward-looking statements in this press release when we discuss, among other things, the potential economic benefit our solutions can present to the cannabis industry, and the ability of our solutions to address the wide variety of health concerns associated with cannabis In addition, we cannot guarantee that the results of the trial discussed in the press release will be replicated on a larger scale and in the cannabis industry generally. The forward-looking statements contained or implied in this press release are subject to other risks and uncertainties, including market conditions and the satisfaction of all conditions to, and the closing of, the offering, as well as those discussed under the heading “Risk Factors” in Save Foods’ annual report on Form 10-K filed with the SEC on March 31, 2022, and in any subsequent filings with the SEC. Except as otherwise required by law, we undertake no obligation to publicly release any revisions to these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. References and links to websites have been provided as a convenience, and the information contained on such websites is not incorporated by reference into this press release. We are not responsible for the contents of third-party websites.
Media Contact:
Yana Delman
IR@savefoods.co
US Investor Relations:
Dave Gentry
RedChip Companies Inc.
1-800-RED-CHIP (733-2447)
Or 407-491-4498
SVFD@redchip.com
German Investor Relations:
Dr Eva Reuter
e.reuter@dr-reuter.eu
