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Tel Aviv, Israel, Oct. 07, 2020 (GLOBE NEWSWIRE) -- Citrine Global, Corp. (OTCQB: CTGL) (“Citrine Global”) is pleased to update that it has closed on the transaction with Intelicanna Ltd. (TASE: INTL) (“Intelicanna”).
Pursuant to the previously reported agreement, Intelicanna, a publicly-traded Israeli company listed on the Tel Aviv Stock Exchange (TASE: INTL) transferred 619,589 shares to Citrine Global, valued at approximately $500,000 at the time of signing the agreement on May 31, 2020 (the “Intelicanna Shares”). In addition, as contemplated by the agreement, Citrine Global transferred 2,143,470 of its shares to Intelicanna, valued at $500,000 at the time of signing the agreement on May 31, 2020.
This acquisition was carried out as part of Citrine Global's strategic support of Intelicanna's growth, which also included a loan and a services agreement with Intelicanna, which were signed on June 25, 2020.
Citrine Global, directly and via its wholly owned Israeli subsidiary, CTGL - Citrine Global Israel Ltd., intends to keep supporting Intelicanna's expansion plans in ways which may include a unique mix of ongoing financing and real-estate solutions as well as assisting with developing the company's strategy.
Intelicanna is a publicly traded medical cannabis company based in Israel, which grows high quality medical cannabis strains. It has obtained all regulatory approvals needed to operate in Israel, including from the Medical Cannabis Unit in the Israeli Ministry of Health. Recently Intelicanna reported collaboration with Neopharm Group, which is engaged in the research, development, production, marketing, sales and distribution of a variety of products and services in the field of healthcare in Israel and in dozens of countries around the world. The joint activity will include the marketing and sale of medical cannabis products through a trading house and pharmacies owned by Neopharm Group as well as directly to customers.
About Citrine Global Corp.
Citrine Global Corp. provides industry-wide solutions for innovative technologies, empowering the healthcare and wellness eco-systems to prosper by offering solutions and creating environments that inspire progress and growth. Citrine Global, Corp. provides multi-strategy financing, entrepreneurship, and business and facilities real-estate solutions.
Citrine Global focuses as its first step on the Israeli market, via its fully owned subsidiary CTGL - Citrine Global Israel Ltd., which targets Israeli technology companies in the fields of healthcare, wellness, food tech and medical cannabis. This focus comes as a result of the constraints imposed by COVID-19 and since the company’s management is based in Israel and already has a strong presence in the Israeli market.
Citrine Global Corp. is developing the "Cannovation Center Israel Ltd." - a center designed to be a comprehensive solution offering for the Israeli medical cannabis industry comprising in a single location: factories, laboratories, and a logistics and distribution center. The Cannovation Center’s offering is being designed to comply with the numerous regulations applicable to this industry, while leveraging the Israeli government grants and initiatives which support the technology sector and the medical cannabis industry.
The Cannovation Center is a unique, all-in-one platform with factories for producing medical cannabis, hemp and CBD products, laboratories and a logistics and distribution center, for supporting the cannabis eco-system, including cannabis growers, cannabis product developers, researchers and businesses, that operate in a field that requires interdisciplinary professional expertise and compliance with a wide set of regulatory demands, including IMC-GMP production standards, 24/7 surveillance and security, special recycling procedures, and more. The Cannovation Center in Israel will provide solutions for companies in Israel and worldwide, leveraging Israel’s leadership in cannabis innovation and promoting the production and distribution of medical cannabis, hemp, and CBD products for local and global markets.
Video of Citrine Global's main activities Q2-Q3, 2020: https://youtu.be/52QbgGCKRAE
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Safe Harbor Statement
This press release contains express or implied forward-looking statements within the Private Securities Litigation Reform Act of 1995 and other U.S. Federal securities laws. For example, Citrine Global is using forward-looking statements when it discusses that it intends to keep supporting Intelicanna's expansion plans in ways which may include a unique mix of ongoing financing and real-estate solutions as well as assisting with developing the company's strategy and that Intelicanna, in conjunction with Neopharm Group, will market and sell medical cannabis products through a trading house and pharmacies owned by Neopharm Group as well as directly to customers. These forward-looking statements and their implications are based on the current expectations of the management of Citrine Global only, and are subject to a number of factors and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. Factors that could cause actual results to differ materially from those estimated by the forward-looking statements contained in this communication include, but are not limited to: trends in target markets; effects of competition in the Company's main markets; ability to establish and maintain strategic relationships in its major businesses; profitability of the growth strategy; and changes in global, political, economic, business, competitive, market and regulatory forces. Except as otherwise required by law, Citrine Global undertakes no obligation to publicly release any revisions to these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. For a more detailed description of the risks and uncertainties affecting Citrine Global, reference is made to Citrine Global’s reports filed from time to time with the Securities and Exchange Commission.