VANCOUVER, British Columbia, Nov. 28, 2019 (GLOBE NEWSWIRE) — Isracann Biosciences Inc. (CSE: IPOT) (XFRA: A2PT0E) (OTC: ISCNF) (the “Company”) an Israel-based company focused on becoming a premier low cost, high quality cannabis producer for both domestic and European export sales, is pleased to advise that it has received the requisite facility design and land use approvals from the Israeli Land Authority preparatory to construction permitting and awarding of building contracts for the proposed phase 1 build-out. Prior to commencement of construction, the Company will require the approval of the Israeli Settlement Commissioner and the Israeli Ministry of Health. These approvals are pending.
Isracann’s plans call for the construction of greenhouse facilities in Nir, Israel. Isracann has finalized engineering drawings from AgroPlan Ltd., an architectural design firm with extensive cannabis experience. The Company solicited and received detailed proposals from multiple cannabis specialty greenhouse construction firms within Israel (and abroad) that specialize in the design, construction and implementation in support of cannabis agricultural projects. Contract awards were predicated upon receipt of land use approvals and will now move ahead expeditiously.
Phase I involves the fabrication of two Isracann facilities totaling up to 115,000 square feet. Each of the greenhouses is based on a 57,500 square foot floorplan with an estimated annual production capacity of 5,750 kg of dried cannabis flower. The facilities will be built to comply with the Israeli Medical Cannabis Good Agricultural Practices (IMC-GAP) and Good Security Practices (IMC-GSP).
Each facility is custom designed to meet or exceed regional environmental needs and is proposed to feature a highly ventilated framework with curtains on all four sides of the vaulted roof configuration. The structural designs are in accordance with Israeli standards (steel structure code 1225, load standards 412/1992 and 414/1982). The preliminary design was approved by the Israeli Ministry of Agriculture & Rural Development. The two phase 1 Isracann greenhouses will have an eight-foot-tall fence surrounding the facilities with an electronic gate for vehicular access for added security. Additionally, a closed-circuit television system will be installed to comply with Israeli Medical Cannabis Agency regulations.
The scope of the project includes a roof design employing polyethylene sheets specifically installed for cannabis cultivation in order to achieve maximum advantage of the unique sunlight exposure in Israel. The cooling and ventilation system utilize three types of fans that help control temperature, humidity and radiation throughout the entire facility. The packing facility includes offices with a built-in kitchen for employees, and a post-harvest area totaling 6,500 square feet featuring dedicated drying, curing and trimming rooms.
Company CEO Darryl Jones states, “This is a milestone for the venture and validates the groundwork, including technical and administrative efforts we have undertaken in recent months to ensure we continue to meet our regulatory targets on schedule. With this approval in place we have met the initial hurdles regarding land use. Now, we can get started with the next step of getting shovels in the ground and begin the business of building our business. We are truly delighted to have achieved so much so quickly, and on behalf of our partners and stakeholders we thank the growing numbers of shareholders who share our vision for the potential growth of the cannabis sector in Israel.”
Re-Pricing and Extension of Warrants
The Company announces that it has received CSE approval for the repricing of 13,835,644 warrants expiring on December 13, 2019, and 139,714 warrants expiring on December 15, 2019 (the “Warrants”). The exercise price will change from $2.25 to $0.51 per share. The Company has also extended the exercise date of the Warrants to January 13, 2020.
The Company also announces that it is extending its agreement, previously announced on November 6th, 2019, for investor relations and marketing with CDMG Inc. to raise public awareness of the Company.
ON BEHALF OF THE BOARD OF DIRECTORS
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 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. There can be no assurance that such statements 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.