Isracann Biosciences has entered into a joint venture agreement resulting in a phased partnership of two near-term farm operations located in the Sharon Plain region of Israel.
"The Israel Medical Cannabis (IMC) compliant farm properties operates under preliminary cannabis nursery and cultivation licenses and are preparing to commence planting within weeks," the team with the company explains. "The farms are contiguously located and together currently maintain a total of over 160,000 sq. ft. of greenhouse canopy along with related infrastructure facilities. These greenhouses are located on a 2,000,000 sq. ft. parcel of private land, with the potential for expanded production and processing operations. Private lands are rarely available in Israel and are free from the requirement of land commission regulatory approval, thereby minimizing licensing delays."
"The joint venture partner/operator is a regionally well-known, highly respected and active cannabis grower. The principals of the local partner enjoy a family history of building and operating greenhouse operations across the middle east and proven sector ability with over 2-years experience as owners of a stable and productive cannabis farm servicing the domestic Israeli market. Their technical proficiency includes an active tissue culture program and most importantly, has resulted in securing critical plant genetics which will be available to the JV operation."
"All aspects of the operations are regulatory compliant with the greenhouse facilities constructed to IMC-GAP and IMC-GMP standards including security procedures which are in accordance with IMC-GSP regulations. The entire operation is designed for EU-GMP certification and Isracann’s EU-GMP consultants will be reviewing all necessary protocols for future export operations. Based on existing parameters, full scale production targets a combined total projected yield of 12,600kg of dried cannabis flow per year. Based on scheduled planting commencing in Q2 this year, initial sales could initiate by early Q3, 2020, reducing the anticipated time-to-market in Isracann’s strategic plans."
Company CEO, Darryl Jones states, “During our recent visit to Israel we were able to enter into prolonged and detailed face-to-face discussion with our new partners. After an extensive review of the operations and the overall agronomic, legal and financial situation, we felt the opportunity to work with our new partners combined with ramping up sales so much faster than anticipated was absolutely worth it both in the short term as well as part of a smart long term strategy. From a sales perspective, there have been industry reports discussing plans to import medical cannabis from Canada into Israel which clearly demonstrates growing domestic demand. Plus, the ability to export into European markets continues to be a major part of our business development objectives. As of this announcement today, with facilities, permits, approvals and partners in-place, we have officially launched our commercial activities in Israel and beyond.”
For more information:
Isracann Biosciences
Tel: +1 855.205.0226
inquiries@isracann.com
isracann.com