Israeli cannabis oil ‘espresso machine’ start-up Green Point has smashed its funding goal and says it is only months from launching its product in Israel and plans to enter the US market next year.
Based in Beersheba, Green Point has recently partnered with Univo Pharmaceuticals to develop an espresso-style machine that allows cannabis users to easily create vials of high-quality cannabis oil from any strain.
The espresso-style machine uses capsules filled with ethanol, which absorbs cannabinoids and terpenes from the cannabis, to create oil from up to five grams worth of cannabis within a matter of minutes.
The machine comes with a simple mobile app controller, allowing users to create different mixtures and tinctures according to their personal preferences.
The company has smashed its pre-seed round of NIS 800,000 goal very quickly and is now launching a seed round for market penetration.
Green Point CEO and founder Ben Leibusher told the The Jerusalem Post, “Cannabis oil is like silly-putty. You can ingest it through your food, through your drink, through drops that you take orally or through vaporization, all of which are significantly healthier alternatives to smoking.”
According to Leibusher, most cannabis users in Israel (around 70%, he claims) prefer to ingest the drug by smoking.
“When looking at countries that have chosen to legalize recreational cannabis, you can see the shift from smoking to oils happening. In every country that has done so, within around 2-3 years from the time the market is regulated, oils begin taking up north of 50% of the share of users,” Leibusher said to the Post.
“It may feel a bit pretentious to even say this, but Green Point today is around where Nespresso was 20-25 years ago, because we are pioneers in what we do.”
