VANCOUVER, British Columbia, March 3, 2021 (GLOBE NEWSWIRE) – Isracann Biosciences Inc. (CSE: IPOT) (XFRA: A2PT0E) (OTC: ISCNF) (the “Company” or “Isracann”), an Israel-based company focused on becoming a leading low-cost, high-quality cannabis producer / distributor, is pleased to announce that it has submitted a letter of intent (LOI) outlining an import sales agreement with a major Israeli medical cannabis company.
The proposed relationship is with one of the leading manufacturers of cannabis products in Israel, which for commercial reasons cannot currently be identified. Imported goods consist of premium Canadian cannabis as per Isracann’s agreement with the Costa Canna Group’s cultivation subsidiary, United Greeneries Ltd. The agreement provides that all imported materials will be sold under the Isracann brand with subsequent products manufactured locally by the proposed partner in accordance with Israeli GMP requirements.
Isracann’s Canadian Import / Export Agreement provides exclusive access to established specialty strains, including strains with ultra-high THC, high CBD, balanced and artisanal specialty cultivation, which will eventually serve as alternative product offerings concurrent with the launch of its own premium Israeli-grown and branded products at the beginning of the cultivation of local Isracann-owned agricultural facilities.
The importance of imported sales through Isracann includes instant revenue generation, new branding in the Israeli market, and the opportunity to test Isracann’s processing equipment and distribution agreements. The need to identify new logistics, systems and business opportunities before reaching the expected explosive growth potential from recent efforts to legalize recreational activities and impending access to key European markets is seen as a critical strategic factor for the company’s sustainable growth .
The Israeli medical cannabis market continues to grow rapidly. With over 80,000 medical patients (IMCA data), local growers are struggling to keep up with demand. Recent news about recreational legalization is driving the local industry to grow to 2.5 million potential consumers.
Darryl Jones, CEO of the company, explains: “The existing agreement is straightforward and a win-win situation for both parties. The unstoppable growth in demand for medical cannabis products coupled with the potential scenarios for the recreational and export market means that reputable operators are currently making decisions about how to deal with demand stressors going forward. We’ve spoken to several of the bigger players in the industry, and today’s announcement should be accompanied by some additional positive business decisions in the months ahead. All of this means that we seem to be in the right place at the right time. Our team in Israel is well connected, making sure we are aware of the numerous opportunities and trends that enable us to act proactively. Strategically, we will continue to focus on securing agreements and opportunities to firmly position Isracann where we can best increase our value proposition and benefit from what is happening in this exciting region. “
ON BEHALF OF THE MANAGEMENT BOARD
Chief Executive Officer and President
About the Costa Canna Group
The Costa Canna Group, founded in 2018, and its subsidiary United Greeneries Ltd. deal with the cultivation, processing, marketing and distribution of premium cannabis products. United Greeneries has over 120 unique strains in its genetic library that provide differentiation in the marketplace and a unique consumer experience. The company also focuses on the partnership flow through sales to lower capital costs, lower operating costs and improve profitability, with an emphasis on refined products for indoor, micro and outdoor use on the West Coast. The company currently has sales contracts with 7 provinces in the domestic market and is also engaged in international sales. More information is available at: www.unitedgreeneries.ca.
About Isracann Biosciences Inc. (CSE: IPOT) (XFRA: A2PT0E) (OTC: ISCNF)
Isracann is an Israel-based cannabis company focused on becoming a leading cannabis producer / distributor providing low cost production to underserved, major European marketplaces. Isracann is based in the Israeli agricultural sector and will capitalize on its development in the world’s most experienced country in terms of cannabis research. The company has agreements within Israel to grow medical marijuana. Further information can be found at: www.isracann.com.
The CSE assumes no responsibility for the adequacy or accuracy of this version.
All statements contained herein, other than historical facts, 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 be forward-looking Identify statements. There can be no assurance that such statements, including the effects of the COVID-19 pandemic and supply and demand trends in the cannabis industry, will prove to be accurate and that actual results and future events could differ materially from those anticipated in these statements. Important factors that could cause actual results to differ materially from the company’s expectations are disclosed in the company’s filings from time to time with the Canadian Securities Exchange, the British Columbia Securities Commission, and the Ontario Securities Commission filed with the Alberta Securities Commission.
Empire Communications Group
Phone: +1 (604) 343-2724