Isracann Updates Cannabis Farm Developments and Advises Processing Facility Expansion Underway

brown wooden frame near green leafed plants

–Israeli group committed to aggressive timeline

VANCOUVER, British Columbia, Sept. 01, 2020 (GLOBE NEWSWIRE) — Isracann Biosciences Inc. (CSE: IPOT) (XFRA: A2PT0E) (OTC: ISCNF) (the “Company” or “Isracann”) an Israel-primarily based business focused on becoming a premier low expense, higher good quality cannabis producer these days gives a corporate assessment and update of its activities in Israel.

Operating closely with our Israeli consultants and counterparts, updated plans for the Hefer Valley-primarily based Ein Hahoresh Farm involve the following:

  1. The post harvest facility is getting expanded from the initial style to enable for servicing the anticipated enhanced demand in the Israel market place. Processing will now be capable to deal with all solution from the complete 165,000 sq. ft. of greenhouse at commencement of operations.
  2. Building of the expanded facility is nicely underway with more foundation poured, the necessary stroll-in secure installed, and the whole facility is anticipated to be total inside four to six weeks.
  3. Our offtake companion has committed to supplying seedlings, thereby minimizing two to four weeks off the typical developing cycle and permitting for larger greenhouse utilization for vegetative and flowering stages at commencement of operations.
  4. The requisite Ministry of Safety and Ministry of Overall health application for certification as foreign cannabis cultivation license owners has been completed and submitted.

The Business advises that due, in component, to the ongoing effect of COVID-19 some current updates to the regulatory procedures have led to procedural re-interpretation inside the Israeli market place which has delayed the Company’s potential to commence planting. The updated guidelines just demand that all physical facilities ought to be completed and authorized prior to planting. Previously, it was only needed to have the greenhouse facility totally completed to reach the safety clearances needed to plant an initial crop, and in Isracann’s case the processing facility was scheduled to finalize concurrently. Offered the sophisticated stage of building at the Ein Hahoresh Farm and with access to seedlings permitting for higher utilization at commencement, we are confident this delay will prove comparatively insignificant.

In associated news, the Company’s Nir, Yisreal farm has received feedback from the land use application to the Settlement Commissioner. Land use in this area is complicated due to regional difficulties particular to public lands. Business consultants are at present updating plans to align and comply with Settlement Commission requests and this procedure is anticipated to conclude topic to the acceptance of the proposed adjustments.

Isracann COO Matt Chatterton notes, “COVID-19 has undoubtedly been felt, but we are not alone in this regard. I consider each and every market worldwide has been impacted in some manner. The superior news is that our building group at Ein Hahoresh is moving ahead and even even though timing delays due to the pandemic meant we have been unable to take benefit of the preceding regulations which would have permitted us to commence planting sooner, our group has stepped up to reduce these delays. With their assistance, we aim to meet the updated regulations and in truth with the proposed improve in capacity utilization due to a totally completed processing facility up and operating, we stand an exceptional opportunity of catching up and possibly surpassing our original expectations. Its an extraordinary time and its wonderful to have partners prepared to do what ever it requires to guarantee we all meet our widespread ambitions to quickly develop worth 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-primarily based cannabis business focused on becoming a premier cannabis producer providing low-expense production targeting undersupplied, significant European marketplaces. Primarily based in Israel’s agricultural sector, Isracann will leverage its improvement inside the most knowledgeable nation in the globe with respect to cannabis study. The Business has secured agreements inside Israel for medicinal marijuana cultivation. For a lot more details go to: www.isracann.com.

The CSE does not accept duty for the adequacy or accuracy of this release.

All statements, other than statements of historical truth, incorporated herein are forward-seeking statements that involve many dangers and uncertainties. The use of any of the words “anticipate”, “continue”, “estimate”, “expect”, “may”, “will”, “would”, “project”, “should”, “believe” and equivalent expressions are intended to determine forward-seeking statements. There can be no assurance that such statements, which includes the impacts of the COVID-19 pandemic and provide and demand trends in the cannabis market, will prove to be precise and actual final results and future events could differ materially from these anticipated in such statements. Essential elements that could bring about actual final 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.

Make contact with
Investor Relations
Toll Totally free: +1 855.205.0226
E mail: [email protected]
Net: www.isracann.com

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