VANCOUVER, British Columbia, Jan. 19, 2021 (GLOBE NEWSWIRE) -- Isracann Biosciences Inc. (CSE: IPOT) (XFRA: A2PT0E) (OTC: ISCNF) (the “Company” or “Isracann”) an Israel-based company focused on becoming a premier low cost, high quality cannabis producer is pleased to provide a year end summary of activities and outlook for 2021.
There is a sense of relief that 2020 is now behind us. Over the course of the past year, the impact of COVID-19 has been felt around the globe and will undoubtedly continue to impact countless lives and entire economies for years to come. While many difficulties remain before us all, a guarded optimism is growing daily. The challenges that directly impacted our venture were principally logistical and operational in nature and affected most of the sector equally. Given the Israeli governments increasingly pragmatic outlook regarding cannabis we remain extremely optimistic regarding our ability to achieve our strategic goals for the new year.
In consideration of the disruptive nature of the pandemic, Isracann is nonetheless extremely pleased to have made continued progress at both its domestic operations. At our early-stage Nir, Israel farm, the Company was required to realign elements of its submission to the Settlement Commissioner for the Nir region, which was expedited via the invaluable aid of our regional consultants. This process has paved the way for a formal application to the Ministry of Health. In all other respects the project is poised for fast-tracked completion with commencement of operations to occur as soon as approval is received.
The agreement and commitment to accelerate the completion of the flagship Hefer Valley-based Ein Hahoresh Farm has proven to be a key driver for the Company. With 165,000 sq. ft. of greenhouse canopy and extensive processing capability in-place, the Company and its regional partners are moving rapidly towards industrial-scale operations capable of servicing both the domestic and increasingly important European export markets in 2021.
Per recently amended regulations that require all physical facilities to be completed and approved prior to planting, the construction activities at the Ein Hahoresh farm expanded the onsite post-harvest facility in preparation for commencement of operations and increased demand from growing domestic and export markets. We are well poised to, in the short term, complete the facility and receive the required Security and Ministry of Health approvals to acquire our farm operating license and start planting. Consequently, Isracann and its local consultants are currently scheduling the commencement of planting in March to coincide with the start of optimal climatic conditions. Additionally, applications for certification of Isracann as foreign cannabis cultivation license owners were submitted to the Ministries of Security and Health, which upon acceptance, will result in Isracann’s ability to formally complete any remaining aspects of our joint venture acquisition.
While completion of our farms is the primary focus of the company, we have been actively initiating and expanding our visibility and relationships across the region and onwards into Europe. Our goal has been to establish infrastructural agreements aimed at launching Isracann onto the world stage as a truly international cannabis enterprise. As these pending activities are commercial in nature, and include multiple parties, we look forward to announcing further details outlining our expanded strategic outlook for the coming year as soon as possible.
Concurrently, the domestic legislative, regulatory, and societal environment regarding cannabis production, processing, distribution, and sales within Israel continues to improve as do the opportunities for export operations. Last year saw several landmark rulings and accelerated momentum that is rapidly transforming this emerging sector into a respected national industry.
It is also worth mentioning that Israel has been noted as an early leader in the distribution of coronavirus vaccinations, and this appears to be driving optimism for the entire business community throughout the region. Isracann and its team of professional consultants are confident this will aid initial sales projections upon entry into a domestic marketplace which is markedly more robust than ever before.
Company CEO Darryl Jones comments, “Since our decision to enter the market sector in Israel just 20 short months ago, we have seen cannabis reform, including major advances in legalization, production and distribution. We’ve also seen the door opening up for export sales, and a wholesale shift in cultural acceptance. And yet we have had to deal with some setbacks as the regional governments come to terms with new regulations and the impact of a global pandemic. But one thing to remember is that this is just the playing field, and it is the same field for everyone in the sector. As players, we have engaged top industry professionals to consult on our behalf, incorporated leading agronomic experts to show us the true path to product excellence, and ensured our leadership includes a strong mix of business and production expertise. We have a team with big league knowhow and home field advantage, and this all translates into ability and confidence. We are well positioned and well financed and are committed to ensuring that 2021 is the year Isracann gets fully into the game and starts to deliver the returns we know its capable of. With that vision firmly in-place, we thank all our supporters for your continued trust as we forge ahead to make this year an outstanding opportunity for value creation through the intelligent application of capital into predictably growth-focused areas of the global cannabis industry.”
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. The use of any of the words “anticipate”, “continue”, “estimate”, “expect”, “may”, “will”, “would”, “project”, “should”, “believe” and similar expressions are intended to identify forward-looking statements. There can be no assurance that such statements, including the impacts of the COVID-19 pandemic and supply and demand trends in the cannabis industry, 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:
Empire Communications Group
Phone: +1 (604) 343-2724
Email: inquiries@isracann.com
Web: www.isracann.com