Isracann Biosciences Inc. announces letter of intent for up to $15 million in funding to develop cannabis facilities servicing major undersupplied markets
VANCOUVER, Jan. 8, 2019 /PRNewswire/ - Isracann Biosciences Inc. (Isracann), an Israeli-based cannabis firm, announced today it has completed a letter of intent for up to $15 million in funding to break ground on outdoor greenhouses for cannabis cultivation as the company plans to become the world's foremost cannabis producer specializing in low-cost, superior quality cannabis.
As part of the firm's expansion, Isracann expects to commence trading in Canada in 2019 as the first pure-play Israeli-based cannabis company to go public in Canada.
The venture will be fully funded for over 230,000 square feet of cultivation room on prime agricultural land in Israel, with pre-existing production permits equivalent to Canadian ACMPR (Access to Cannabis for Medical Purposes Regulations) cultivation licensing and will construct its facilities to IMC-GAP/GSP (Israeli Medical Cannabis Agency) regulatory standards. The new funding means Isracann will be able to focus on becoming a low-cost producer of medical cannabis with anticipated costs of $0.40 per gram, allowing the company to target undersupplied markets.
"The proposed construction of our facilities in Israel solidifies our commitment to become the leading low-cost, high-quality cannabis producer in the world," says Darryl Jones, President and CEO, Isracann. "Israel is favoured by perfect weather conditions allowing multiple growing cycles, which in turn gives us the opportunity to reach a wider market while making a social and economic impact both regionally and globally."
In partnership with Yamko, a global construction leader of agricultural projects in more than 70 countries, and following positive recent and anticipated regulatory changes in Israel, Isracann plans to embark on an industrial-scale cannabis farming enterprise that targets undersupplied domestic regions and European countries where demand is high. The first phase of construction is set to begin on January 10th of this year, scaled to provide approximately 115,000 square feet of cultivation room with an annual capacity to produce 11,600 kilograms of cannabis. Phase II will commence shortly thereafter, providing an additional 115,000 square feet of cultivation room. Both phases are targeted for completion in Q3 2019, for a total of 230,000 square feet of cultivation room and over 23,000 kilograms of cannabis production per year.
Israel, a leader in cannabis research for over 50 years, is a renowned agricultural innovation hub. Leveraging the county's expertise in the field, Isracann has accessed Israel's top researchers to bring cutting-edge formulations to market.
About Isracann Biosciences Inc.
For more information, please visit http://isracann.com
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SOURCE Isracann Biosciences Inc.