VANCOUVER, British Columbia, April 15, 2022 (GLOBE NEWSWIRE) -- Isracann Biosciences Inc. (CSE: IPOT) (XFRA: A2PT0E) (OTC: ISCNF) (the “Company”) is pleased to announce that further to its acquisition of Praesidio Health Inc. as a natural health medicine division, the Company has elected to expand its leadership team effective immediately.
As Isracann moves from development to operations, and to better accommodate the integration of natural health medicine (“NHM”) research and development to meet its near-term commercial goals for revenue generation this year, the Company wishes to introduce added expertise and, in some instances, refocus the efforts of veteran team members into a new more efficiently focused Isracann leadership team for the remainder of 2022 and beyond.
Mr. James (JT) Thompson joins as Chief Operations Officer
Mr. Thompson is recognized as an established industry leader, dedicated to building high-performance teams and cultures. He brings extensive experience in strategic development and go-to-market execution, having previously dementated increased return on investment in operations and finance. Mr. Thompson has held multiple executive leadership positions across various industries providing a depth of experience and ability to drive operations forward efficiently.
Mr. Matt Chatterton moves to Chief Science Officer
The appointment of a new COO allows Mr. Chatterton to focus his efforts and expertise on the engagement and support of clinical studies, as well as oversee manufacturing processes including qualification and management of suppliers and vendors. He will also serve as principle contact and regulatory lead with the FDA & Health Canada and ensure good governance of patient surveys regarding initial efficacy studies with the Praesidio division health practitioners, including senior doctors and specialists.
Mr. Stephen Parker joins as VP of Business Development
Mr. Parker brings over twelve years of marketing, public relations, communications and sales experience in CPG, cannabis, and the alcoholic beverage sectors. Since 2018, he has led the sales, marketing and innovation teams at United Greeneries, a licensed producer in the legal Canadian cannabis marketplace. During this period, he and his team launched over 50 products into the market including the first ever infused topical in the national market. Prior to joining the cannabis industry, he worked as a consultant for a variety of companies including Frito-Lays, Canopy Growth Corporation, PepsiCo, and Molson-Coors.
Dr. George Vrabec, MD FRCSC (Urol.) joins as board director.
Dr. Vrabec is a Urologist and Surgeon with over 20 years of medical experience, as well as the Principal Investigator of Exdeo Clinical Research. He has conducted more than 30 clinical trials in a wide array of Urological diseases and has published studies in various journals, including the New England Journal of Medicine. Dr. Vrabec serves on multiple boards, including Fraser Valley Health Care Foundation.
The Company further advises that Mr. Darryl Jones has resigned from the board of directors and the Company thanks him for his diligent and timely efforts during the initial period of corporate development, including the turbulent pandemic years, and wishes him well on his future endeavours.
In related news The Company announces that it intends to complete a non-brokered private placement of up to 50,000,000 units of the Company (the “Units”) at $0.06 per Unit for gross proceeds of approximately $3,000,000 (the “Offering”).
Each Unit consists of one common share in the capital of the Company (a “Share”) and one share purchase warrant (a “Warrant”). Each Warrant will entitle the holder to purchase one additional common share in the capital of the Company (a “Warrant Share”) at a price of $0.085 per Warrant Share for a period of 48 months from the closing of the Offering.
The net proceeds of the Offering will be used for Product Development and general operations. The Company may pay a commission to eligible finders in the amounts permitted by the Canadian Securities Exchange (the “Exchange”).
Closing of the Offering is subject to a number of conditions, including receipt of all necessary corporate and regulatory approvals, including the Exchange. All securities issued in connection with the Offering will be subject to a statutory hold period of four months plus a day from the date of issuance in accordance with the policies of the Exchange and applicable securities legislation.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities described in this news release in the United States. Such securities have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”), or any state securities laws, and, accordingly, may not be offered or sold within the United States, or to or for the account or benefit of persons in the United States or “U.S. Persons”, as such term is defined in Regulation S promulgated under the U.S. Securities Act, unless registered under the U.S. Securities Act and applicable state securities laws or pursuant to an exemption from such registration requirements.
ON BEHALF OF THE BOARD OF DIRECTORS
“Phil Floucault”
Phil Floucault
Chief Executive Officer and President
About Isracann Biosciences Inc. (CSE: IPOT) (XFRA: A2PT0E) (OTC: ISCNF)
Isracann is a multidisciplinary cannabis focused producer and product developer with Israeli-based cannabis production farm assets and a Canadian natural health medicine development and production arm. Concurrently focused on initial retail sales in Canada and in becoming a premier cannabis producer offering low-cost domestic Israeli production, the Company aims to commercialize natural health medicines in Canada and to leverage agreements within Israel for import/export opportunities and medicinal marijuana cultivation. For more information visit: www.isracann.com.
Contact
Empire Communications Group
+1 (604) 343-2724
info@isracann.com
www.isracann.com
Forward-Looking Information
This release may contain forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words “expects”, “plans”, “anticipates”, “believes”, “intends”, “estimates”, “projects”, “potential” and similar expressions, or that events or conditions “will”, “would”, “may”, “could” or “should” occur. Forward-looking statements may include, without limitation, statements relating to the Company’s plans or goals, the Offering and the proceeds of the Offering. The forward-looking statements contained in this press release are expressly qualified in their entirety by this cautionary statement. All forward-looking statements in this press release are made as of the date of this press release. The forward-looking statements contained herein are also subject generally to assumptions and risks and uncertainties that are described from time to time in the Company's documents filed from time to time with the CSE, the British Columbia Securities Commission, the Alberta Securities Commission, and the Ontario Securities Commission. Although Isracann believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in forward looking statements. Isracann expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise.
The CSE does not accept responsibility for the adequacy or accuracy of this release.
