Isracann Closes JV Cannabis Farm Production Agreement With 3-Year Offtake in Israel
Ryan Allway
April 8th, 2020
News, Top News
Partnership puts timeline in place for earned revenues
VANCOUVER, British Columbia, April 08, 2020 (GLOBE NEWSWIRE) — Isracann Biosciences Inc. (CSE: IPOT) (XFRA: A2PT0E) (OTC: ISCNF) (the “Company” or “Isracann”) 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 announce that further to its news release on March 24, 2020, it has acquired a 50% interest in a joint venture called Cannation Ltd. for a phased partnership of two near-term farm operations located in the Hefer Valley region of Israel.
Cannation has an offtake agreement with Focus Medical Herbs Ltd. (“Focus Medical”), a licensed medical cannabis producer in Israel, for a three-year definitive supply agreement with Cannation for approximately 2,600kg of medical cannabis per year, for a total of up to 7,800kg of medical cannabis over three years. Focus Medical has an exclusive commercial agreement with IM Cannabis Corp. (CSE: IMCC) to distribute its production under the IMC brand.
Isracann’s joint venture partner in Cannation is Way of Life Medical Cannabis Company. Way of Life is a regionally respected and active cannabis grower. The principals of Way of Life 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.
The Cannation farm properties are Israel Medical Cannabis (IMC) compliant and designed to EU-GMP certification standards. Cannation anticipates permits to begin selling its first crop by the end of Q2. Full scale production targets a combined total projected yield of 12,600kg of dried cannabis flow per year with facilities housing over 160,000 sq. ft. of greenhouse canopy. The Cannation farms are located on a 2,000,000 sq. ft. parcel of private land, which provides 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.
Company CEO, Darryl Jones notes, “Now that we have concluded the transaction, we are very pleased to be able to provide further insights into this exciting venture. Not only have we achieved a partnership agreement with a farm operation that is constructed, it also has already closed a major offtake agreement for the next three years. As we noted previously this accelerates our timeline to production and revenue. We look forward to a rapidly advancing and mutually beneficial partnership with the team at Way of Life and for the continued success of the Cannation venture.”
The JV compliments the Company’s existing medical cannabis project in Nir Israel pursuant to its joint venture agreements held by its wholly owned Israeli subsidiary, Cannisra Holdings Ltd. The Cannisra project will be a bespoke cultivation project to which the Company has spent significant time, effort and expense planning, designing and making regulatory application for the development of the cultivation facility.
In related news, and as part of the closing of the Cannation JV, the Company has issued 500,000 shares to a consultant for achievement of a performance milestone.
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-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.
Contact
Investor Relations
Toll Free: +1 855.205.0226
Email: inquiries@isracann.com
Web: www.isracann.com
News Provided by
-
PortfolioCFN
- CFN
- Edit
- Add Symbol
- New Portfolio
- Business WireApr 8, 2020 8:30 AM
Halo Labs Announces the Start of the Superfiltration Program in Cathedral City
- PR NewswireApr 8, 2020 8:00 AM
THC BioMed Releases Second Quarter Profitable Results
- Canada NewswireApr 8, 2020 8:00 AM
THC BioMed Releases Second Quarter Profitable Results
- Business WireApr 8, 2020 7:00 AM
cbdMD To Offer Free Hand Sanitizer With Purchase at cbdMD.com
- SEC FilingsApr 8, 2020 3:00 AM
Current report pursuant to Section 13 or 15(d) – Form 8-K
- GlobeNewswireApr 8, 2020 12:05 AM
Isracann Closes JV Cannabis Farm Production Agreement With 3-Year Offtake in Israel
- Business WireApr 8, 2020 12:00 AM
Halo Labs Announces the Start of the Superfiltration Program in Cathedral City
- NewsfileApr 7, 2020 9:03 AM
SinglePoint Direct Solar rapidly expands national footprint, now covering 25 states, increasing residential solar coverage adding 9 (nine) additional states since implementing Virtual Solar Sales Platform
- ACCESSWIREApr 7, 2020 8:35 AM
Ehave and MyLifeID Enter a Multi-Tier Global Partnership t
This article was published by CFN Enterprises Inc. (OTCQB: CNFN), owner and operator of CFN Media, the industry’s leading agency and digital financial media network dedicated to the burgeoning CBD and legal cannabis industries. Call +1 (833) 420-CNFN for more information.
About Ryan Allway
Mr. Allway has over a decade of experience in the financial markets as both a private investor and financial journalist. He has been actively involved in the cannabis industry since its inception, covering public and private companies.
Search CannabisFN
Press Coverage
Psychedelics Index
Top Videos
Matt Hawkins is the founder and managing principal of Cresco Capital Partners, LLC (“Cresco”), a private equity firm focused specifically on investing in the legalized cannabis industry. Since its inception in the summer of 2015, Cresco has made 14 investments out of its first fund and is currently raising this fund, Fund II. Prior to the […]
Tim has over 22 years of investment experience as a portfolio manager, asset allocator, and capital markets professional across multiple asset classes, geographies, and platforms. Tim has built and operated two hedge funds, a broker dealer, and raised over $1Bn in capital for his combined businesses. Tim remains a recognized voice within the investment community […]
Potnetwork Holdings, Inc. has two wholly owned subsidiaries, PotNetwork Inc. and Sunrise Auto Mall Inc.. PotNetwork is positioned to be the premier worldwide news and content provider for the Cannabis industry, and is developing into a 24/7 network.
Next Green Wave is a fully integrated premium seed to shelf craft cannabis producer offering products through its in-house brand portfolio and wholesale flower for other large cannabis manufacturers.
Network Partners
About CFN Media Group
CFN Enterprises Inc. (OTCQB: CNFN) owns and operates CFN Media Group, the premier agency and financial media network reaching executives, entrepreneurs and consumers worldwide. Through its proprietary content creation, video library, and distribution via www.CannabisFN.com, CFN has built an extensive database of cannabis interest, assisting many of the world’s largest cannabis firms and CBD brands to build awareness and thrive. For more information, please visit www.cfnenterprisesinc.com.
Disclaimer: Matters discussed on this website contain forward-looking statements that are subject to certain risks and uncertainties that could cause actual results to differ materially from any future results, performance or achievements expressed or implied by such statements. CFN Media Group, which owns CannabisFN, is not registered with any financial or securities regulatory authority and does not provide nor claims to provide investment advice or recommendations to readers of this release. CFN Media Group, which owns CannabisFN, may from time-to-time have a position in the securities mentioned herein and will increase or decrease such positions without notice. The Information contains forward-looking statements, i.e. statements or discussions that constitute predictions, expectations, beliefs, plans, estimates, or projections as indicated by such words as "expects", "will", "anticipates", and "estimates"; therefore, you should proceed with extreme caution in relying upon such statements and conduct a full investigation of the Information and the Profiled Issuer as well as any such forward-looking statements. Any forward looking statements we make in the Information are limited to the time period in which they are made, and we do not undertake to update forward looking statements that may change at any time; The Information is presented only as a brief "snapshot" of the Profiled Issuer and should only be used, at most, and if at all, as a starting point for you to conduct a thorough investigation of the Profiled Issuer and its securities and to consult your financial, legal or other adviser(s) and avail yourself of the filings and information that may be accessed at www.sec.gov, www.pinksheets.com, www.otcmarkets.com or other electronic sources, including: (a) reviewing SEC periodic reports (Forms 10-Q and 10-K), reports of material events (Form 8-K), insider reports (Forms 3, 4, 5 and Schedule 13D); (b) reviewing Information and Disclosure Statements and unaudited financial reports filed with the Pink Sheets or www.otcmarkets.com; (c) obtaining and reviewing publicly available information contained in commonlyknown search engines such as Google; and (d) consulting investment guides at www.sec.gov and www.finra.com. You should always be cognizant that the Profiled Issuers may not be current in their reporting obligations with the SEC and OTCMarkets and/or have negative signs at www.otcmarkets.com (See section below titled "Risks Related to the Profiled Issuers, which provides additional information pertaining thereto). For making specific investment decisions, readers should seek their own advice and that of their own professional advisers. CFN Media Group, which owns CannabisFN, may be compensated for its Services in the form of cash-based and/or equity-based compensation in the companies it writes about, or a combination of the two. For full disclosure, please visit: https://www.cannabisfn.com/legal-disclaimer/. A short time after we acquire the securities of the foregoing company, we may publish the (favorable) information about the issuer referenced above advising others, including you, to purchase; and while doing so, we may sell the securities we acquired. In addition, a third-party shareholder compensating us may sell his or her shares of the issuer while we are publishing favorable information about the issuer. Except for the historical information presented herein, matters discussed in this article contain forward-looking statements that are subject to certain risks and uncertainties that could cause actual results to differ materially from any future results, performance or achievements expressed or implied by such statements. CFN Media Group, which owns CannabisFN, is not registered with any financial or securities regulatory authority, and does not provide nor claims to provide investment advice or recommendations to readers of this release. CFN Media Group, which owns CannabisFN, may from time to time have a position in the securities mentioned herein and will increase or decrease such positions without notice. For making specific investment decisions, readers should seek their own advice and that of their own professional advisers. CFN Media Group, which owns CannabisFN, may be compensated for its Services in the form of cash-based and/or equity- based compensation in the companies it writes about, or a combination of the two. For full disclosure please visit: https://www.cannabisfn.com/legal-disclaimer/.
Copyright © Accelerize Inc. · All Rights Reserved · Privacy Policy · Legal Disclaimer
