- The proposed collaboration is being undertaken to secure Israel Ministry of Health Medical Device certification for the RYAH Smart Inhaler via Bazelet’s Quality Team.
- The parties are expected to negotiate a multi-year exclusive commercial distribution arrangement in the region, following a successful medical device certification.
TORONTO, ON / January 27, 2022 / RYAH Group, Inc. (CSE:RYAH) (“RYAH” or the “Company“) announced today that it has entered into a memorandum of understanding (the “MOU“) with Bazelet Pharma Ltd. and affiliates (together, “Bazelet“), the largest medical cannabis processing company in Israel, serving thousands of patients. The collaboration is aimed at servicing Bazelet’s patients using the RYAH Smart Inhalers and data analytics, once certified as a medical device in Israel ,with the goal of providing safe and accurate patient inhalation therapies in plant medicine in Israel.
The executed MOU initiates a collaboration that anticipates Bazelet acting as the sponsor of the Israel Ministry of Health (“IMH“) medical device application for the RYAH Smart Inhaler (known as the “Regulatory Phase“). Upon successful certification, the MOU stipulates that the parties will negotiate a definitive commercial distribution agreement (the “Definitive Agreement“) intended to appoint Bazelet as the exclusive distributor of the RYAH Smart Inhaler and cartridges (the “Commercial Phase“) for patient medical therapies in Israel. The Definitive Agreement, if entered into, would be for a term of up to 5 years (which includes both regulatory and commercial phases) with annual performance benchmarks among other commercial details, to be agreed upon by the parties in the Definitive Agreement. Under this initiative, the parties are striving to capture at least 5% of the medical cannabis market in Israel.
Meir Ariel, Bazelet’s Chief Executive Officer has commented that, “As a leader in both non-generic cannabis oils and novel flower products in Israel, we are glad to collaborate with RYAH, bringing into our market a new inhaler device.”
“Bazelet brings extraordinary depth and expertise within a well-established and fast-growing medical cannabis market. We’re excited to be collaborating with Bazelet in bringing our smart inhaler and data analytics into this important region,” said Gregory Wagner, Chief Executive Officer of RYAH.
Israel has the largest medical cannabis market outside North America, and recently overtook Germany as the top importer of medical cannabis flower in the world, according to MJBizDaily and Tel Aviv-based Israeli Cannabis Magazine. The medical cannabis market in Israel continues to grow and in December 2021, the country saw its patient count reach over 109,000, according to the Israeli Medical Cannabis Agency (IMCA).
RYAH Group recently announced that its RYAH Smart Inhaler received medical device certification under ISO 13485:2016/MDSAP and EN ISO 13485:2016 standards.
About RYAH Group, Inc.
RYAH is a connected device, and big data and technology company focused on valuable predictive analysis in the global medical plant and nutraceutical intake industry. Its robust artificial intelligence platform aggregates and correlates Health Insurance Portability and Accountability Act (HIPAA)-compliant patient data, intended to help doctors and patients personalize plant-based treatments to predict treatment outcomes better. The data collection is relevant for clinics, doctors, dispensaries and pharmaceutical companies, and licensed processors (LPs) to monitor and manage formulation effects on patients and demographics. RYAH gathers deep and insightful data on the complete patient session and formulation lifecycle with a strong intellectual property portfolio. For more information, visit www.ryahgroup.com.
Bazelet operates a 15,000 Sqm. processing facility, creating a large portion of the products sold in Israel to medical cannabis patients, through its own Bcann and Femmican brands, as well as white label products for its clients. The company is privately owned, and is a world leader in cannabis patents, with over 41 patent applications in different stages of registration. Bazelet is already known for its non-generic cannabis products, such as its terpene enriched oil formulations that are specifically designed for treating medical indications, as well as cannabis oils designed for women’s health. Bazelet is due to start exporting to Europe in the second quarter of 2022, and plans to launch its Femmican brand both in Canada and the US this year.