Saffron Tech has signed a non-binding letter of intent (LOI) with Naveh Pharma, a company that specializes in creating pharmaceutical and healthcare products with unique active ingredients including saffron, it announced on Wednesday.
The company is a subsidiary of Sativus Tech Corp (SATT), an AgTech company that is developing the protocol to grow saffron using vertical farming technology.
"This partnership aligns both companies' unique strengths," says Tal Wilk Glazer, CEO of Saffron Tech. "We see significant value in saffron-based supplements, and we look forward to working with Naveh Pharma to unlock the potential of our combined businesses."
The joint venture plans to develop and distribute a line of saffron-based food supplements globally in 2022 and launch a line of saffron-based cosmetics in the second half of 2022.
Saffron is a spice harvested from the stigmas of the flower "crocus sativus". It is considered the rarest, most expensive spice in the world by weight at $5,000 per kg. While its specific origins are unclear, its recorded history sees trade and uses dating back to the 7th century BCE.
Vertical farming is the practice of growing crops and plants in vertically stacked layers, such as shelves, most often in order to optimize growth using as little space as possible. This method is often used by researchers, as it is used to manage many variables, such as light exposure, water supply and soil. The main advantage to vertical farming is the small amount of space used to grow the same amount of crops compared to a regular agricultural field.
