Isracann Biosciences Inc. provided an operative overview and update regarding facility development activities in Israel. Concurrent to and as part of the Company’s recent listing on the Canadian Securities Exchange it had satisfied the escrow release conditions for the net proceeds of its highly successful CAD$10.1 million financing efforts which bolstered an already healthy cash position.
This positions the company to immediately accelerate its planned Phase One Facility Design and Construction Services Program which consists of finalization of greenhouse facility design for cannabis cultivation and production in accordance with an existing technical specifications strategy; to rapidly advance greenhouse and related facility construction per the design; ensure adequate controls are in place against any diversion, theft and loss of cannabis products per regulatory standards; and ensure compliance with other protective security, health, and safety requirements in accordance with Israeli regulations.
To-date Isracann has entered into agreements for the development of medical cannabis cultivation projects with regional stakeholders holding preliminary breeding and cultivation licenses issued by the Israeli Ministry of Health. The regional stakeholder is required to renew these licenses each year and further bears the cost of electricity, property and related land taxes and are bound to working with Isracann to obtain the required licenses and to participate in the construction of the greenhouses.
Company CEO Darryl Jones notes, “We are very pleased to have achieved our very important initial milestone targets with the CSE listing of our ticker symbol “IPOT” and to confirm our accelerated investment plans in Israel are fully under way. We have lined up several key organizations and personnel and look forward to announcing a number of these key commercial agreements in the days and weeks ahead. We thank all our supporters for their belief in us, and in our belief that the Israeli agricultural sector will provide a huge leading role in positioning the Isracann brand as market leaders in the massive and underserved European cannabis marketplace.”
In related news, the Company welcomes the recent appointment of Irit Arbel, Ph.D. to its Board of Directors. Dr. Arbel brings significant senior multidisciplinary biopharma and governance experience to Isracann’s board. She serves as CEO, Co-Founder and Director of Neurocords Ltd., a company focused on developing new treatments for peripheral and spinal cord regeneration, and previously served as Director and President of Brainstorm Cell Therapeutics, and as Executive Vice President of Research and Development at Savicell Diagnostic, a biotechnology company. Dr. Arbel previously served as Chairperson of Real Aesthetics, a company specializing in cellulite ultrasound treatment, and BRH Medical, a developer of medical devices for wound healing. She was also Director of M&A at RFB Investment House, a private investment firm focusing on early-stage technology-related companies. Previously, Dr. Arbel was President and Chief Executive Officer of Pluristem Life Systems, a biotechnology company, and prior to that as Israeli Sales Manager of Merck, Sharp & Dohme, a pharmaceutical company. Dr. Arbel earned her Ph.D. in 1997 in Neurobiology, after performing research in the area of MS. Dr. Arbel also holds a Chemical Engineering degree from the Technion, Israel’s Institute of Technology.
For more information:
Isracann Biosciences
Tel: +1 855.205.0226
inquiries@isracann.com
www.isracann.com