VANCOUVER, British Columbia, March 18, 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 extremely pleased by recent reports and trend data which offers great promise for the future of cannabis both in Israel and major western markets.
Recent reports indicate a growing movement towards recreational cannabis legalization in Israel as part of a growing global trend and economic force. In December 2020, the United Nations (UN) drug policy-making body the Commission on Narcotic Drugs (CND) voted to remove cannabis from the strict control measures under schedule IV of the 1961 Single Convention on Narcotic Drugs.
At virtually the same time, the United States voted to remove cannabis from Schedule IV whereby the U.S. House of Representatives voted to decriminalize cannabis at the federal level by removing it from the Controlled Substances Act, pursuant to the Marijuana Opportunity Reinvestment and Expungement (MORE) Act. Subsequently the U.S. House approved the Medical Marijuana Research Act, bipartisan legislation that addresses unnecessary impediments to medical research. It remains to be seen if the MORE Act and other legislation will advance in the U.S. Senate in 2021. However, this ongoing activity sends a clear message that cannabis reform legislation is achieving increasing support in the U.S. and internationally.
Economically, BDS Analytics (BDSA) recent market forecast noted global cannabis sales reached nearly $21.3 billion in 2020, an increase of 48% over 2019 sales of $14.4 billion. BDSA forecasts global cannabis sales will grow from $21.3 billion in 2020 to $55.9 billion in 2026, a compound annual growth rate (CAGR) of more than 17%.
Concurrently, Israel reopened most of its economy on March 7th as part of its final phase of lifting coronavirus lockdown restrictions, some of them in place since September. Bars and restaurants, event halls, sporting events, hotels and schools that had been closed to the public for months could reopen with some local restrictions. This action is aimed at spurring economic resurgence and will serve to kickstart regional business opportunities as the country moves out of coronavirus lockdown towards post-virus normalization.
Isracann COO, Matt Chatterton, notes, “We applaud the growth and depth of these historic actions that are trending positively for our industry. As we recently noted, domestic Israeli recreational cannabis legalization could literally grow our potential consumer market by a growth factor thirty times larger than the current medicinal market. We believe the political will is there, and the return to more normalized business and social activities is bound to rapidly spur renewed cannabis industry activity and growth. We anticipate 2021 as a year that could unlock the promise of a once-in-a-lifetime opportunity for value generation across the sector. We are truly delighted to see so many indicators continuing to align in such a positive and timely manner.”
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