Isracann Updates Cannabis Farm Developments and Advises Processing Facility Expansion Underway

--Israeli team committed to aggressive timeline

VANCOUVER, British Columbia, Sept. 01, 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 today provides a corporate review and update of its activities in Israel.

Working closely with our Israeli consultants and counterparts, updated plans for the Hefer Valley-based Ein Hahoresh Farm include the following:

1. The post harvest facility is being expanded from the initial design to allow for servicing the expected increased demand in the Israel market. Processing will now be able to handle all product from the full 165,000 sq. ft. of greenhouse at commencement of operations.
2. Construction of the expanded facility is well underway with additional foundation poured, the required walk-in safe installed, and the entire facility is expected to be complete within 4 to 6 weeks.
3. Our offtake partner has committed to supplying seedlings, thereby reducing 2 to 4 weeks off the standard growing cycle and allowing for higher greenhouse utilization for vegetative and flowering stages at commencement of operations.
4. The requisite Ministry of Security and Ministry of Health application for certification as foreign cannabis cultivation license owners has been completed and submitted.

The Company advises that due, in part, to the ongoing impact of COVID-19 some recent updates to the regulatory procedures have led to procedural re-interpretation within the Israeli market which has delayed the Company’s ability to commence planting. The updated rules simply require that all physical facilities must be completed and approved prior to planting. Previously, it was only necessary to have the greenhouse facility fully completed to achieve the security clearances necessary to plant an initial crop, and in Isracann’s case the processing facility was scheduled to finalize concurrently. Given the advanced stage of construction at the Ein Hahoresh Farm and with access to seedlings allowing for greater utilization at commencement, we are confident this delay will prove relatively insignificant.