--Early reports already impacting decisions resulting
in projected process efficiencies and cost savings
VANCOUVER, British Columbia, Dec. 05, 2019 (GLOBE NEWSWIRE) -- Isracann Biosciences Inc. (CSE: IPOT) (XFRA: A2PT0E) (OTC: ISCNF) (the “Company”) an Israel-based company focused on becoming a premier low cost, high quality cannabis producer for both domestic and European export sales, is pleased to announce it has received a phase 1 project profile report and has been advised that the project characterization project is fully underway and moving ahead on schedule.
As previously announced, Isracann engaged the services of LinC by Growing Smart Ltd., an international agricultural management company with extensive experience and expertise within the cannabis sector in Israel. The firm specializes in the delivery of individually tailored project management and agronomic solutions to select cannabis sector projects and is currently managing 12 cannabis projects worldwide.
Company CEO Darryl Jones notes, “We’ve been advised that field studies are underway including soil, water, and atmospheric sampling. The team at LinC is extremely thorough and once we receive their detailed report, it will impact virtually every aspect of our initial development phase from construction and the correct orientation of our facilities, to electrical, plumbing, irrigation, sewage and waste treatment, humidity, UV concentrations as well as plant nutrition, disease and pest control management. Our facilities are custom designed to maximize productivity, and the project characterization is an integral step towards planned commercialization of ultra-low cost, high grade cannabis. We are united in our vision and have the utmost trust in the LinC team and are extremely excited by the steady progress already underway in Israel.”
Isracann will receive a phased end-to-end assessment of the project and the development of valuable information regarding details of the project execution plan and the assignment of resources to the project. Currently a detailed analysis, including internal and external environmental factors, is underway to provide key information in order to best allocate organizational resources and assign appropriate leadership. Production processes, available resources (e.g., experienced personnel and technical infrastructure) and organizational structure as well as imposed risks and outcomes are undergoing advanced study and review.
“LinC is already providing valuable input and we look forward to fully implementing their cost-effective high yield philosophy,” remarked Mr. Jones. “When we began this project, we assembled a team with solid experience in the Canadian cannabis sector including extensive capital markets project development expertise. We all quickly agreed that the Israeli experience while offering several distinct similarities, especially the anticipatory market excitement that legalization unleashed in North America, was such that the situation in Israel warranted extra care and consideration in order to properly prepare this potentially much larger opportunity. Given that Israel itself is a known and respected agricultural brand (especially in Europe), and that the scope of the potential continental market is literally over twice the size of North America’s, we determined to invest in regional expertise in order to advance the project in a timely and professional manner. In this regard, we already feel we have the elements for success in place now that we are experiencing some of the early results from our growing team in Israel.”
ON BEHALF OF THE BOARD OF DIRECTORS
“Darryl Jones”
Darryl Jones
Chief Executive Officer and President
About Isracann Biosciences Inc. (CSE: IPOT) (XFRA: A2PT0E) (OTC: ISCNF)
Isracann is an Israeli-based cannabis company focused on becoming a premier cannabis producer offering low-cost production targeting undersupplied, major European marketplaces. Based in Israel's agricultural sector, Isracann will leverage its development within the most experienced country in the world with respect to cannabis research. The Company has secured agreements within Israel for medicinal marijuana cultivation. For more information visit: www.isracann.com.
The CSE does not accept responsibility for the adequacy or accuracy of this release.
All statements, other than statements of historical fact, included herein are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ, materially from the Company’s expectations are disclosed in the Company’s documents filed from time to time with the Canadian Securities Exchange, the British Columbia Securities Commission, the Ontario Securities Commission, and the Alberta Securities Commission.
Contact
Investor Relations
Toll Free: +1 855.205.0226
Email: inquiries@isracann.com
Web: www.isracann.com