VANCOUVER, BC, — (February 9, 2022) – 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/distributor is pleased to provide an update of recent activities and outlook for Q1 2022.
The COVID-19 global pandemic continues to impact virtually all aspects of supply chain management, global trade, individual economies, and of course holds the attention of national and regional governments as priorities are identified and addressed. It is against this constantly evolving backdrop that Isracann has determined to continue to achieve strategic momentum against the eventual return to a normalized business environment.
The appointment of Phil Floucault to the position of Chief Executive Officer in late October has provided a 2–3-month window of opportunity for perspective and understanding of virtually every aspect of the operational preparedness of the Company and its partners, consultants, and stakeholders.
Mr. Floucault commented, “The first 3 months of my appointment have been focused on our current path to transition from development to operations at our Ein Hahoresh facility. Additionally, we have taken the opportunity to consider our fundamental mission of becoming a true biosciences company as our name suggests.” This led Mr. Floucault to consider the company’s future potential and opportunities, building on his existing business relationships. “In parallel to our near-term priorities, we are also looking to the future with a focus on differentiation, solid partnership strategies as well as immediate options to revenue. There are opportunities we are actively exploring to complement our Israeli operation, which we hope will ensure a solid position for our company including a divested portfolio, multiple revenue stream options and a solid operational footprint throughout North America and abroad”.
As it relates to IPOT’s Israeli Operations Mr. Floucault states “There is no good time to catapult into a business during a pandemic, but we play the cards we are dealt, and, in this instance, it has provided an opportunity for an end-to-end review of a venture on the precipice of commercialization without the added pressure of a learning curve during production. We’d all like to be growing, processing, and delivering product sales, but the current conditions have provided me the time to study and learn, build relations, and prepare for rapid advancement as soon as legally possible. We don’t see any significant regulatory hurdles other than awaiting the final go-ahead from a government that frankly has a lot on its plate right now” continues Floucault. “I believe the approvals are imminent as we have been far more focused on understanding how best to maximize operations in the near future.
Mr. Floucault stated “We are excited to have had the chance to update and build out our strategic plans, and the entire team is fully committed to generating revenue and shareholder value in 2022. We are all learning new ways to be patient, and we are grateful for the patience and trust exhibited by everyone who shares in the Isracann vision for success.” Floucault closed with, “Considering the last 2 years of development and the resulting delays due to the global pandemic, we have much work to do in 2022 domestically and abroad. Our commitment has never been higher and our focus, never better”.
ON BEHALF OF THE COMPANY
Chief Executive Officer
About Isracann Biosciences Inc. (CSE: IPOT) (XFRA: A2PT0E) (OTC: ISCNF)
Isracann is an Israeli-based cannabis company focused on becoming a premier cannabis producer/distributor 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: www.isracann.com.
The CSE does not accept responsibility for the adequacy or accuracy of this release.
All statements, other than statements of historical fact, included herein are forward-looking statements that involve various risks and uncertainties. The use of any of the words “anticipate”, “continue”, “estimate”, “expect”, “may”, “will”, “would”, “project”, “should”, “believe” and similar expressions are intended to identify forward-looking statements. There can be no assurance that such statements, including the impacts of the COVID-19 pandemic and supply and demand trends in the cannabis industry, will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results 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.
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