BioHarvest Sciences Inc. (NASDAQ:BHST) CEO Ilan Sobel talked with Proactive about the company’s new partnership with Saffron Tech aimed at developing a high-value saffron-based nutraceutical.
Sobel explained that Saffron Tech, an Israeli firm, has pioneered an indoor horticultural system for growing first-grade saffron — known as "red gold" — which retails for up to $10,000 per kilo.
He noted the global saffron supply is inconsistent, with 80% originating from Iran and flowering only once a year.
“Saffron Tech have pioneered a unique indoor technology to really grow what they call, you know, first grade, saffron,” said Sobel.
The collaboration will see BioHarvest apply its botanical synthesis technology to transform this premium saffron into a "super saffron" compound, similar to how it enhanced Piceid Resveratrol.
The 75/25 venture will focus on B2B sales to nutraceutical, cosmetic, and pharmaceutical companies, while also leveraging BioHarvest’s e-commerce platform to develop unique consumer products.
Sobel also provided an update on BioHarvest’s Q3 financials, reporting unaudited revenue of $9.1 million and a strong treasury of $11 million.
“We have had great momentum... we’re set up well now to execute a strong fourth quarter,” he added.