VANCOUVER, British Columbia, Feb. 25, 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/distributor is pleased to report on the prevalence of media reports and public optimism regarding the future of recreational Cannabis building momentum across Israel.
As the world turned the page on 2020, reports of recommendations from an interministerial team led by Justice Minister Avi Nissenkorn offered recommendations for the legalization of cannabis for recreational use within nine months while balancing “liberalism and responsibility.” “It’s time to make progress and legalize cannabis in Israel,” Nissenkorn said. “This is a significant, holistic and responsible reform, which shows the State of Israel isn’t ignoring reality and is going in the footsteps of developed countries.” Deputy Attorney General Amir Merari said the government’s opinion is to favor legalization over decriminalization, which is more common in other countries, since “decriminalization doesn’t provide a solution for problems such as the black market.”
In a country that continually punches above its weight, Israel already boasts some compelling world records such as the highest amount of Venture Capital per capita (IVC-Online), highest number of start-ups per capita (IVC-Online), highest percentage of GDP in R&D investments (4.2%) (Economic Times), #3 in NASDAQ listed companies (after USA & China) (Deloitte), 2nd most innovative nation (World Economic Forum), and the highest number of patents per capita( Bloomberg), so its little wonder that as far back as 2017 surveys showed it also held the record for the world’s highest ratio of marijuana users with 27% of the population aged 18-65 identifying as recreational users (US News, Times of Israel).
With a population of approximately 9 million persons, legalization would immediately and dramatically increase the domestic retail market to almost 2.5 million potential customers. Current domestic shortages for the estimated 80,000 medical users have already created pent-up demand and an extraordinary prospect for Isracann. With excellent ties to Canada, the Company has positioned itself through agreements in-place to import bulk materials, and upon legalization to deliver finished products into Israel just as demand is poised to explode. This provides Isracann the opportunity to offer a near term capacity to service the anticipated growth in consumer demand while ramping domestic production as its Hefer Valley operation as the year progresses.
Currently, Isracann has completed construction of its 55,0000 sq. ft. phase one farm facility and is in the process of finalizing police and health ministry permits prior to the commencement of planting. Isracann is committed to servicing the needs of the Israeli medical market and the production output of the phase one facility remains dedicated to this commitment. To service the recreational market, Isracann’s 110,000 sq. ft. phase two facility construction is well underway with the ability to rapidly complete the build-out and commence operations solely subject to demand, Phase two requires minimal capital outlay to complete, and the post harvest facility at the Ein Hahoresh farm has already been completed with a capacity to process the combined total output from the overall 165,000 sq. ft. farm operation. In addition, landholding options offer 2,000,000 sq. ft. of adjoining property which provides scalability to meet virtually any increase in future market demand.
“We’re juggling a growing number of exciting activities alongside a wealth of strategic opportunities increasingly in play, and the year is barely halfway through the first quarter,” notes Isracann COO, Matt Chatterton. “With an ability to import everything from premium cannabis genetics to bulk biomass and eventually as liberalization continues, even finished goods, we are ready to begin processing inbound logistics almost immediately. Once the supply chain is flowing, we have sales agreements that will kick into gear and we commence revenue generation. We have a straightforward police inspection of the farm to complete and then seedlings go in the ground. We are on-track for predicable timelines to harvest and a dramatic increase in overall supply which should quickly meet our domestic needs and allow us to turn towards the high value export markets of Europe. We have lots of choices to leverage our value chain and in many ways, we are blessed with an abundance of opportunity.”
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/distributor 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