VANCOUVER, British Columbia, Sept. 01, 2020 (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 today provides a corporate review and update of its activities in Israel.
Working closely with our Israeli consultants and counterparts, updated plans for the Hefer Valley-based Ein Hahoresh Farm include the following:
- The post harvest facility is being expanded from the initial design to allow for servicing the expected increased demand in the Israel market. Processing will now be able to handle all product from the full 165,000 sq. ft. of greenhouse at commencement of operations.
- Construction of the expanded facility is well underway with additional foundation poured, the required walk-in safe installed, and the entire facility is expected to be complete within 4 to 6 weeks.
- Our offtake partner has committed to supplying seedlings, thereby reducing 2 to 4 weeks off the standard growing cycle and allowing for higher greenhouse utilization for vegetative and flowering stages at commencement of operations.
- The requisite Ministry of Security and Ministry of Health application for certification as foreign cannabis cultivation license owners has been completed and submitted.
The Company advises that due, in part, to the ongoing impact of COVID-19 some recent updates to the regulatory procedures have led to procedural re-interpretation within the Israeli market which has delayed the Company’s ability to commence planting. The updated rules simply require that all physical facilities must be completed and approved prior to planting. Previously, it was only necessary to have the greenhouse facility fully completed to achieve the security clearances necessary to plant an initial crop, and in Isracann’s case the processing facility was scheduled to finalize concurrently. Given the advanced stage of construction at the Ein Hahoresh Farm and with access to seedlings allowing for greater utilization at commencement, we are confident this delay will prove relatively insignificant.
In related news, the Company’s Nir, Yisreal farm has received feedback from the land use application to the Settlement Commissioner. Land use in this region is complex due to regional issues specific to public lands. Company consultants are currently updating plans to align and comply with Settlement Commission requests and this process is anticipated to conclude subject to the acceptance of the proposed changes.
Isracann COO Matt Chatterton notes, “COVID-19 has definitely been felt, but we are not alone in this regard. I think every industry worldwide has been affected in some manner. The good news is that our construction team at Ein Hahoresh is moving ahead and even though timing delays due to the pandemic meant we were unable to take advantage of the previous regulations which would have allowed us to commence planting sooner, our team has stepped up to minimize these delays. With their help, we aim to meet the updated regulations and in fact with the proposed increase in capacity utilization due to a fully completed processing facility up and running, we stand an excellent chance of catching up and possibly surpassing our original expectations. Its an extraordinary time and its great to have partners willing to do whatever it takes to ensure we all meet our common goals to rapidly build value in our venture.”
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.
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Web: www.isracann.com