Business
Isracann JV in Israel Advances Towards Cannabis Production
Isracann JV in Israel Advances Towards Cannabis Production.
About this update from Isracann Biosciences Inc.
[{"type":"text","content":"\n VANCOUVER, British Columbia, May 07, 2020 (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 for both domestic and European export sales, is pleased to provide an update provided by its Cannation Ltd. (“Cannation”) joint venture partnership regarding ongoing farm operations located in the Hefer Valley region of Israel. Construction activities at the Cannation farms are nearing phase one completion and the recent offtake agreement with Israeli licensed producers Focus Medical Herbs Ltd. (“Focus Medical”) has greatly energized the Isracann team. With the increase in activities at its farm locations during the COVID-19 pandemic, Isracann continues to actively monitor the situation and is working closely with its in-country partners to implement preventative measures to safeguard the health of its stakeholders and contractors while ensuring scheduled milestones are met safely and efficiently. The property currently encompasses two adjoining farms, of which the first property contains a 55,000 sq. ft. greenhouse which is now completed and awaiting final security inspection. The second farm includes a 110,000 sq. ft. facility that will be used for expansion of the business as the Company continue to build supply capacity beyond Israeli demand towards satisfying commercial EU opportunities. The 55,000 sq. ft. farm is scheduled to complete related infrastructure construction approximately 2 weeks from today, which includes an adjoining building outfitted to become a certified EU GMP post harvest facility. Upon successful completion and harvest of the first crop, a government inspection will occur and upon acceptance, a greenhouse licence would be granted for ongoing operations and commercial sales. With the sale and use of medicinal cannabis an essential activity in Israel, Isracann’s contracts to provide additional domestic supply become increasingly relevant and important due to global lockdown impacts to supply chain capacity. The country was already partially reliant on imported product prior to local lockdown measures and, under current conditions, domestic demand is anticipated to grow. In addition to generating...