- Oops!Something went wrong.Please try again later.
Citrine Global Corp. views Cannovation Center Israel winning the Israeli Government Ministry of Economy grant and Yeruham Local Council support as an important strategic step in establishing the Cannovation Center Israel, which is planned to be the first operational innovation center that includes factories, laboratories, logistics, and a distribution center for the medical cannabis, CBD, hemp and botanical industries
Tel Aviv, Jan. 05, 2021 (GLOBE NEWSWIRE) -- On December 30, 2020, Cannovation Center Israel Ltd. won Israeli Government Ministry of Economy grant to acquire 10,000 square meters (2.5 acres) of industrial land to build the Cannovation Center Israel at the Biopharma Park in Yeruham.
The Cannovation Center Israel is a unique platform that includes factories for the production of medical cannabis, botanicals, CBD, hemp, supplements, food, and cosmetic products; laboratories for quality assurance, research, development, and clinical trials; a logistics, distribution, import and export center; business development strategy services.
Cannovation Center Israel Ltd. is 60%-owned by CTGL - Citrine Global Israel Ltd., which is a wholly-owned subsidiary of Citrine Global Corp. (collectively, the “Citrine Global Group”). Citrine Global Group views the establishment of the Cannovation Center Israel as a national project backed by grants and support from the Israeli government and the Yeruham local council, and is aiming to create an ecosystem and collaborations between companies, entrepreneurs, universities and partners from Israel and around the world.
Ora Elharar Soffer, CEO, Citrine Global Corp.: "We are proud to be the ones to establish the first operational innovation center of its kind for cannabis in the Biopharma Park in Yeruham with the support of the Israeli government and Yeruham Local Council and take part in the realization of Tal Ohana's vision to turn Yeruham into the capital of medical cannabis. The Cannovation Center Israel will provide a comprehensive operational solution tailored to the requirements of the cannabis and botanical industry and is an important milestone that combines production, operations, technologies, and business development to leverage local and international collaborations. According to our strategy, we plan to build additional operational innovation centers working in this business model around the world."
Tal Ohana, Mayor of Yeruham: "We have been working with Ora Elharar Soffer and the Citrine Global Group and welcome the establishment of the innovative Cannovation Center Israel in the Biopharma Park in Yeruham. Our vision to turn Yeruham into the medical cannabis capital, through the Green-Negev project which I have been leading in the last few years, is becoming a reality. We receive support from the Israeli government and leading companies and entrepreneurs. In the last year, we have established a start-up incubator for cannabis technologies with the assistance of the Innovation Authority and in partnership with the pharmaceutical company Perrigo, which has a factory in Yeruham, and with Israeli Cannabis Company BOL. The incubator is already active, and the expected volume of investments is NIS 150 million for the operation of the incubator in the coming years. In addition, we received approval from the Ministry of Economy to allocate land and support factories' construction, which includes a 30% return on investment in the construction of the factory, a subsidized industrial area, reduced corporate tax, subsidy for senior employees' salaries, and more."
About Citrine Global Corp., CTGL - Citrine Global Israel Ltd. and Cannovation Center Israel Ltd.
Citrine Global, Corp. (OTCQB: CTGL) (“Citrine Global”) operates in Israel through its wholly owned subsidiary, CTGL - Citrine Global Israel Ltd. ("Citrine Global Israel"), which focuses on Israeli technologies in the fields of healthcare, wellness, foodtech and medical cannabis.
Citrine Global recognized the need for innovation centers in the medical cannabis and the food tech industries and decided to establish the first center in Israel in the field of cannabis through Cannovation Center Israel Ltd.
Citrine Global develops strategic solutions for technology industries with global growth potential in the high-tech and biotech fields, which include supportive environments that combine, among other things, entrepreneurship and the establishment of innovation centers for production, operations, R&D, marketing, export, assistance in building strategy for realizing the potential, and more.
For more information about Citrine Global: http://www.citrine-global.com
For inquiries and further information, please contact: email@example.com
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 in respect to viewing the establishment of the Cannovation Center Israel as a national project backed by grants and support from the Israeli government and the Yeruham local council, its intent to establish an innovation and operations center in Yeruham, the anticipation that the Cannovation Center Israel will provide a comprehensive operational solution tailored to the requirements of the cannabis and botanical industry and is an important milestone that combines production, operations, technologies and business development to leverage local and international collaborations and the expected volume of investments of NIS 150 million for Yeruham’s start-up incubator for cannabis technologies for the operation of the incubator in the coming years. 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.