Isracann Biosciences (CSE: IPOT) (XFRA: A2PT0E) (OTC: ISCNF), an Israel-based company focused on becoming a premier low cost, high quality cannabis producer for both domestic and European export sales, on Tuesday announced its entrance into a memorandum of understanding (“MOU”) for a joint venture (“JV”) with a late stage cannabis farm in Israel. The JV is intended to complete a late stage buildout of a cannabis cultivation facility in an agricultural center proximal to several licensed producers (“LP’s”) west of Be’er Sheva, Israel (the “Be’er Sheva Farm”). Pursuant to the JV, Isracann will capitalize the buildout of the remaining construction in exchange for an economic interest in the project in compliance with Israeli laws. Following the signing of a definitive agreement, which is subject to continued due diligence of the Be’er Sheva Farm by Isracann, the terms of the joint venture will be released. “We’ve been evaluating several opportunities to expedite our commercialization plans and based on my inspection of the property this farm offers the ability to shorten our time-to-market. The fundamentals are already in place, including building permits, and the basic infrastructure is already constructed which accelerates timing. Once we conclude our due diligence efforts, the proposed plan will be to advance the technical efforts including completion of the greenhouse and concurrently implementing a project characterization strategy in preparation to planting. There is still a lot of work to complete, but our efforts at our Nir Israel farm have already provided us with regional business relationships, experienced advisors, and extensive preparations that we can readily extend and implement across both locations,” Isracann VP Operations Matt Chatterton stated in the news release.
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About Isracann Biosciences Inc.
Isracann is an Israeli-based cannabis company focused on becoming a premier cannabis producer 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 the company’s website at www.Isracann.com.
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