Isracann Updates Cannabis Farm Developments and Advises Processing Facility Expansion Underway

brown wooden frame near green leafed plants

–Israeli group committed to aggressive timeline

VANCOUVER, British Columbia, Sept. 01, 2020 (GLOBE NEWSWIRE) — Isracann Biosciences Inc. (CSE: IPOT) (XFRA: A2PT0E) (OTC: ISCNF) (the “Company” or “Isracann”) an Israel-primarily based organization focused on becoming a premier low expense, higher good quality cannabis producer currently delivers a corporate assessment and update of its activities in Israel.

Functioning closely with our Israeli consultants and counterparts, updated plans for the Hefer Valley-primarily based Ein Hahoresh Farm involve the following:

  1. The post harvest facility is getting expanded from the initial style to permit for servicing the anticipated improved demand in the Israel marketplace. Processing will now be capable to manage all solution from the complete 165,000 sq. ft. of greenhouse at commencement of operations.
  2. Building of the expanded facility is effectively underway with more foundation poured, the expected stroll-in protected installed, and the whole facility is anticipated to be full inside four to six weeks.
  3. Our offtake companion has committed to supplying seedlings, thereby lowering two to four weeks off the regular expanding cycle and enabling for greater greenhouse utilization for vegetative and flowering stages at commencement of operations.
  4. The requisite Ministry of Safety and Ministry of Wellness application for certification as foreign cannabis cultivation license owners has been completed and submitted.

The Business advises that due, in element, to the ongoing effect of COVID-19 some current updates to the regulatory procedures have led to procedural re-interpretation inside the Israeli marketplace which has delayed the Company’s potential to commence planting. The updated guidelines just need that all physical facilities will have to be completed and authorized prior to planting. Previously, it was only vital to have the greenhouse facility totally completed to reach the safety clearances vital to plant an initial crop, and in Isracann’s case the processing facility was scheduled to finalize concurrently. Offered the sophisticated stage of building at the Ein Hahoresh Farm and with access to seedlings enabling for higher utilization at commencement, we are confident this delay will prove somewhat insignificant.

In connected news, the Company’s Nir, Yisreal farm has received feedback from the land use application to the Settlement Commissioner. Land use in this area is complicated due to regional troubles particular to public lands. Business consultants are at present updating plans to align and comply with Settlement Commission requests and this course of action is anticipated to conclude topic to the acceptance of the proposed adjustments.

Isracann COO Matt Chatterton notes, “COVID-19 has undoubtedly been felt, but we are not alone in this regard. I assume just about every market worldwide has been impacted in some manner. The superior news is that our building group at Ein Hahoresh is moving ahead and even even though timing delays due to the pandemic meant we have been unable to take benefit of the earlier regulations which would have permitted us to commence planting sooner, our group has stepped up to decrease these delays. With their aid, we aim to meet the updated regulations and in truth with the proposed improve in capacity utilization due to a totally completed processing facility up and operating, we stand an exceptional opportunity of catching up and possibly surpassing our original expectations. Its an extraordinary time and its excellent to have partners prepared to do what ever it requires to guarantee we all meet our frequent ambitions to quickly make worth in our venture.”

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-primarily based cannabis organization focused on becoming a premier cannabis producer supplying low-expense production targeting undersupplied, significant European marketplaces. Primarily based in Israel’s agricultural sector, Isracann will leverage its improvement inside the most knowledgeable nation in the planet with respect to cannabis study. The Business has secured agreements inside Israel for medicinal marijuana cultivation. For a lot more information and facts take a look at: www.isracann.com.

The CSE does not accept duty for the adequacy or accuracy of this release.

All statements, other than statements of historical truth, incorporated herein are forward-searching statements that involve different dangers and uncertainties. The use of any of the words “anticipate”, “continue”, “estimate”, “expect”, “may”, “will”, “would”, “project”, “should”, “believe” and related expressions are intended to determine forward-searching statements. There can be no assurance that such statements, which includes the impacts of the COVID-19 pandemic and provide and demand trends in the cannabis market, will prove to be correct and actual benefits and future events could differ materially from these anticipated in such statements. Crucial things that could bring about actual benefits 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.

Speak to
Investor Relations
Toll No cost: +1 855.205.0226
E-mail: [email protected]
Internet: www.isracann.com

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