Health: Dotz dips its toe into the cannabis waters with a new deal in Israel
Health & Biotech
Health & Biotech
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Data-tracking technology company Dotz Nano (ASX:DTZ) is now cannabis-adjacent.
The company announced this morning it had entered into an agreement with Seàch Medical Cannabis Group, an Israeli company, to use its tracking technology for Seàch’s cannabis plants.
The “BioDotz” technology will be applied to mark and track cannabis plants at Seach’s facilities, which are used in the production of buds, rolls and oils.
Commercial terms of the agreement were not disclosed, and Dotz shares were unchanged at 7.5c in morning trade.
Based on recent history, it’s perhaps not surprising that the market is waiting for more evidence that Dotz can convert its various deals and partnership agreements into actual revenue.
The company’s annual report in March showed an 86 per cent fall in full-year revenue in 2018 to $US15,395 ($22,000).
Dotz first indicated that its tracking technology would be commercialised in 2017, but that was followed by a spate of announced sales commitments which ultimately fell through.
In a trading update at the start of May, the company said it had secured purchase orders of $430,000 in the March quarter.
It also announced a successful share placement which raised another $1.5m, underpinned by a strategic investment from Lions Investments.
Discussing the latest deal with Seàch, Dotz CEO Uzi Breier said the deal would provide a good opportunity to improve research & development.
“Our cooperation will examine the best ways to successfully insert our non-toxic security taggants directly into cannabis plants, enhancing product security throughout the cannabis supply chain,” Breier said.
Seàch is planning to list on the Tel Aviv stock exchange in August, via a merger with Beyond Time (TLV:BNTM).
Eye treatment company Ellex Medical Lasers Limited (ASX:ELX) provided an update on its 2RT retinal rejuvenation therapy. The company said patient follow-ups from its clinical trials four years ago showed that a material reduction in eye problems had continued over that time. Shares in the company were up 3.77 per cent to 55c.