Business
Citrine Global Corp. (OTCQB: TECR) Joins a Venture to Establish a "Cannovation Center" - Cannabis Innovation Center - in Israel to Address the Needs of the Emerging Cannabis, CBD and Hemp Industry
Citrine Global Corp. (OTCQB: TECR) Joins a Venture to Establish a "Cannovation Center" - Cannabis Innovation Center - in Israel to Address the Needs of the Emerging Cannabis, CBD and Hemp Industry.
About this update from Citrine Global Corp.
[{"type":"text","content":"\n Citrine Global is currently trading as TechCare Corp. (TECR). Its name change to \"Citrine Global, Corp.\" is expected to take effect soon. Tel Aviv, Israel, July 23, 2020 (GLOBE NEWSWIRE) -- On July 21, 2020, the board of directors of Citrine Global Corp. (OTCQB: TECR) approved for its wholly-owned Israeli subsidiary CTGL - Citrine Global Israel Ltd. to take part in a joint venture for the establishment of a “Cannovation Center” - Cannabis Innovation Center - in Israel to address the needs of the emerging cannabis, CBD and hemp industry. CTGL - Citrine Global Israel Ltd will hold around 60% of the Cannovation Center. The Cannovation Center is a unique, all-in-one platform with factories for producing 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 cannabis, hemp and CBD products for local and global markets. The Cannovation Center is in the process of obtaining a government grant. The Israeli Government provides grants and subsidies specific to the cannabis industry as part of its strategy for boosting the economy through technological innovation. Ora Meir Soffer, Citrine Global's Chairperson and CEO, stated: \"Israel is a leading source of technological innovation, including in the cannabis industry. Our Cannovation Center venture is a result of years of involvement in the cannabis industry, and we are confident that the Cannovation Center will provide a solution for the needs of the cannabis industry. We are happy that CTGL - Citrine Global Israel Ltd will be a part of this. We hope this will be the first center, to be joined by additional centers around the world\". About Citrine Global Corp.  Citrine Global Corp.’s business activity is comprised of creating value and imple...