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Isracann Biosciences Inc. (ISCNF)

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Previous Close0.1901
Open0.1878
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Day's Range0.1800 - 0.1980
52 Week Range0.1240 - 0.3630
Volume275,674
Avg. Volume308,288
Market Cap27.088M
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  • Isracann Receives Foreign Owners License and Updates Israeli Cannabis Operations
    GlobeNewswire

    Isracann Receives Foreign Owners License and Updates Israeli Cannabis Operations

    License paves way for market penetration and growth opportunitiesVANCOUVER, British Columbia, April 21, 2021 (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/distributor is pleased to announce it has been granted a Foreign Owners Cannabis License by the Israeli Minister of Health. This important event paves the way to conclude a number of outstanding key partnership and regulatory considerations in preparation for commercial operations. In a press release issued on March 24, 2020, Isracann announced its entry into a joint venture (JV) agreement as part of a phased partnership of two near-term farm operations located in Ein Hahoresh, Israel. The agreement included an equitable sharing arrangement of both operating costs and revenue through participatory agreements comprising construction services, growing services, land lease agreements, IMCA licenses, and a number of sub agreements establishing and defining the various rights of all parties. Today’s announcement represents the removal of regulatory ownership barriers in order to fully execute the terms of the JV plan. The highly sought-after foreign owners license significantly legitimizes the Company’s presence in Israel. There are only a small number of foreign owned sector participants who have obtained similar licencing, and Isracann is now favourably positioned to leverage certain advantages. Ownership licensing allows for greater access to domestic partnerships, increased participation in state-sponsored initiatives, and enhances access to financing. It also simplifies the Company’s ability to undertake domestic acquisitions, including the conclusion of its planned purchase of a third-party participant in the JV which would result in Isracann increasing its ownership position to 50%. In related news, the Company has concluded all requisite construction and infrastructural installations in preparation for the commencement of planting and subsequent production at its Hefer Valley-based Ein Hahoresh Farm. Largely due to COVID-19 related delays, Isracann has a final regulatory hurdle to conclude which appears to be moving closer to conclusion. Based on discussions with our regional consultants, we are waiting for an inspection by law enforcement officials and concurrent Ministry of Health approvals. It is our understanding that scheduling for the inspection is imminent. Upon receipt, Isracann will have full approval to begin planting. Regarding the recently announced medical cannabis import partnership LOI, Isracann is working diligently with the Israeli partner to conclude the agreement for the importation of Canadian products on an expedited basis. Additionally, Isracann is finalizing an agreement with its Canadian partners to secure high-grade genetic material for introduction into its Israeli-based genomics program. While regional strains have certain inherently excellent traits, Isracann aims to broaden product diversity, and through expert agronomy to achieve a selection of world-class offerings. Isracann CEO, Darryl Jones states, “We continue to push ahead on multiple fronts. From product importation to new genetics programs on the one hand, today we also celebrate our official approval as foreign owners in this exciting sector. Now we can truly dig in to finalize matters and accelerate our efforts to fully enter the commercial marketplace. We’ve been in communication with all the relevant parties and now with the licensing in-place, a number of initiatives will be triggered almost immediately and should result in an accelerated pace towards revenue generation. We have to admit that we always thought the pandemic would create a delay, and it could have been worse. In the meantime, we have by no means been standing still and have used the opportunity to invest in added value and develop our relations throughout the region. Once again we thank our Israeli team of consultants and stakeholders who have proven to be invaluable at representing our interests so effectively and who share our vision for success.” Further to the Company’s news release on January 11, 2021, the Company has issued 6,123,563 warrants pursuant to its incentive program. Each warrant entitles the holder thereof to acquire one additional common share of the Company at $0.50 per share for 24 months from the date of issuance. ON BEHALF OF THE BOARD OF DIRECTORS “Darryl Jones” Darryl JonesChief 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/distributor 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. The use of any of the words “anticipate”, “continue”, “estimate”, “expect”, “may”, “will”, “would”, “project”, “should”, “believe” and similar expressions are intended to identify forward-looking statements. There can be no assurance that such statements, including the impacts of the COVID-19 pandemic and supply and demand trends in the cannabis industry, 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. ContactEmpire Communications GroupPhone: +1 (604) 343-2724Email: inquiries@isracann.comWeb: www.isracann.com

  • Isracann Applauds Expanded Cannabis Accessibility
    GlobeNewswire

    Isracann Applauds Expanded Cannabis Accessibility

    Broad legalization trending as United Nations, America & Israel signal positive changeVANCOUVER, British Columbia, March 18, 2021 (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/distributor, is extremely pleased by recent reports and trend data which offers great promise for the future of cannabis both in Israel and major western markets. Recent reports indicate a growing movement towards recreational cannabis legalization in Israel as part of a growing global trend and economic force. In December 2020, the United Nations (UN) drug policy-making body the Commission on Narcotic Drugs (CND) voted to remove cannabis from the strict control measures under schedule IV of the 1961 Single Convention on Narcotic Drugs. At virtually the same time, the United States voted to remove cannabis from Schedule IV whereby the U.S. House of Representatives voted to decriminalize cannabis at the federal level by removing it from the Controlled Substances Act, pursuant to the Marijuana Opportunity Reinvestment and Expungement (MORE) Act. Subsequently the U.S. House approved the Medical Marijuana Research Act, bipartisan legislation that addresses unnecessary impediments to medical research. It remains to be seen if the MORE Act and other legislation will advance in the U.S. Senate in 2021. However, this ongoing activity sends a clear message that cannabis reform legislation is achieving increasing support in the U.S. and internationally. Economically, BDS Analytics (BDSA) recent market forecast noted global cannabis sales reached nearly $21.3 billion in 2020, an increase of 48% over 2019 sales of $14.4 billion. BDSA forecasts global cannabis sales will grow from $21.3 billion in 2020 to $55.9 billion in 2026, a compound annual growth rate (CAGR) of more than 17%. Concurrently, Israel reopened most of its economy on March 7th as part of its final phase of lifting coronavirus lockdown restrictions, some of them in place since September. Bars and restaurants, event halls, sporting events, hotels and schools that had been closed to the public for months could reopen with some local restrictions. This action is aimed at spurring economic resurgence and will serve to kickstart regional business opportunities as the country moves out of coronavirus lockdown towards post-virus normalization. Isracann COO, Matt Chatterton, notes, “We applaud the growth and depth of these historic actions that are trending positively for our industry. As we recently noted, domestic Israeli recreational cannabis legalization could literally grow our potential consumer market by a growth factor thirty times larger than the current medicinal market. We believe the political will is there, and the return to more normalized business and social activities is bound to rapidly spur renewed cannabis industry activity and growth. We anticipate 2021 as a year that could unlock the promise of a once-in-a-lifetime opportunity for value generation across the sector. We are truly delighted to see so many indicators continuing to align in such a positive and timely manner.” ON BEHALF OF THE BOARD OF DIRECTORS “Darryl Jones” Darryl JonesChief 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/distributor 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. The use of any of the words “anticipate”, “continue”, “estimate”, “expect”, “may”, “will”, “would”, “project”, “should”, “believe” and similar expressions are intended to identify forward-looking statements. There can be no assurance that such statements, including the impacts of the COVID-19 pandemic and supply and demand trends in the cannabis industry, 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. ContactEmpire Communications GroupPhone: +1 (604) 343-2724Email: inquiries@isracann.comWeb: www.isracann.com

  • Isracann Signs Cannabis Importation LOI with Major Israeli Manufacturer
    GlobeNewswire

    Isracann Signs Cannabis Importation LOI with Major Israeli Manufacturer

    Canadian Export Product Aim to Help Reduce Shortages in Medical Supply ChainVANCOUVER, British Columbia, March 03, 2021 (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/distributor is pleased to announce it has entered a non-binding Letter of Intent (LOI) outlining an importation sales agreement with a major Israeli medical cannabis company. The proposed relationship is with one of the leading cannabis product manufacturers in Israel, who for commercial reasons can not be identified at this time. Imported goods will consist of premium Canadian cannabis via Isracann’s agreement with Costa Canna Group’s cultivation subsidiary, United Greeneries Ltd. The arrangement includes the provision that all imported material will be sold under the Isracann brand with subsequent products locally manufactured by the proposed partner in accordance with Israeli GMP requirements. Isracann’s Canadian import/export agreement provides exclusive access to established specialty strains including ultra high THC, high CBD, balanced, and specialty craft-grown strains which will eventually serve as alternative product offerings concurrent to the introduction of its own premium Israeli grown and branded products upon the commencement of cultivation from local Isracann-owned farm facilities. The importance of imported sales through Isracann include immediate revenue generation, introduction of new brands to the Israeli market, and the ability to trial Isracann’s processing facilities and domestic distribution arrangements. The need to identify new logistics, systems and business opportunities prior to the anticipated explosive growth potential posed by recent recreational legalization efforts and pending access to major European markets are considered critical strategic factors for the sustainable growth of the Company. The Israeli market for medical cannabis continues to grow at a rapid pace. Now with over 80,000 medical patients (IMCA data), the domestic growers are struggling to keep up with demand. Recent news regarding recreational legalization efforts position the local industry to grow to an indicated 2.5 million potential consumers. Company CEO Darryl Jones states, “The agreement in-place is straightforward and is a win-win for both parties. The inexorable growth in demand for medical cannabis products combined with the potential recreational and export market scenarios means that the serious operators are making decisions right now as to how they will manage demand stressors in future. We have been speaking with several of the larger players in the sector and todays announcement is likely to be joined with some additionally positive commercial decisions in the coming months. All of which means that we appear to be in the right place at the right time. Our team in Israel are well-connected and ensuring we are aware of the numerous opportunities and prevailing trends that allow us to act proactively. Strategically, we remain focused on securing agreements and opportunities in order to firmly position Isracann where we can best grow our value proposition and capitalize on the unfolding events in this exciting region.” ON BEHALF OF THE BOARD OF DIRECTORS “Darryl Jones” Darryl JonesChief Executive Officer and President About Costa Canna GroupEstablished in 2018 the Costa Canna Group and its subsidiary United Greeneries Ltd. is engaged in Cannabis Cultivation, Processing, Marketing, and distribution of premium cannabis products. Within its genetic library, United Greeneries holds over 120 unique strains that provide differentiation in the market and a unique consumer experience. The company is also concentrated on partnership flow through distribution to reduce CAPEX, reduce OPEX and improve profitability with a focus on West Coast Indoor, Micro and Outdoor cultivated products. The company has current distribution contracts with 7 provinces in the domestic market and is also engaged in International distribution. For more information visit: www.unitedgreeneries.ca. About Isracann Biosciences Inc. (CSE: IPOT) (XFRA: A2PT0E) (OTC: ISCNF)Isracann is an Israeli-based cannabis company focused on becoming a premier cannabis producer/distributor 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. The use of any of the words “anticipate”, “continue”, “estimate”, “expect”, “may”, “will”, “would”, “project”, “should”, “believe” and similar expressions are intended to identify forward-looking statements. There can be no assurance that such statements, including the impacts of the COVID-19 pandemic and supply and demand trends in the cannabis industry, 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. ContactEmpire Communications GroupPhone: +1 (604) 343-2724Email: inquiries@isracann.comWeb: www.isracann.com