Isracann Applauds Expanded Cannabis Accessibility

Broad legalization trending as United Nations, America & Israel signal positive change

VANCOUVER, British Columbia, March 18, 2021 (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/distributor, is extremely pleased by recent reports and trend data which offers great promise for the future of cannabis both in Israel and major western markets.

Recent reports indicate a growing movement towards recreational cannabis legalization in Israel as part of a growing global trend and economic force. In December 2020, the United Nations (UN) drug policy-making body the Commission on Narcotic Drugs (CND) voted to remove cannabis from the strict control measures under schedule IV of the 1961 Single Convention on Narcotic Drugs.

At virtually the same time, the United States voted to remove cannabis from Schedule IV whereby the U.S. House of Representatives voted to decriminalize cannabis at the federal level by removing it from the Controlled Substances Act, pursuant to the Marijuana Opportunity Reinvestment and Expungement (MORE) Act. Subsequently the U.S. House approved the Medical Marijuana Research Act, bipartisan legislation that addresses unnecessary impediments to medical research. It remains to be seen if the MORE Act and other legislation will advance in the U.S. Senate in 2021. However, this ongoing activity sends a clear message that cannabis reform legislation is achieving increasing support in the U.S. and internationally.

Economically, BDS Analytics (BDSA) recent market forecast noted global cannabis sales reached nearly $21.3 billion in 2020, an increase of 48% over 2019 sales of $14.4 billion. BDSA forecasts global cannabis sales will grow from $21.3 billion in 2020 to $55.9 billion in 2026, a compound annual growth rate (CAGR) of more than 17%.

Concurrently, Israel reopened most of its economy on March 7th as part of its final phase of lifting coronavirus lockdown restrictions, some of them in place since September. Bars and restaurants, event halls, sporting events, hotels and schools that had been closed to the public for months could reopen with some local restrictions. This action is aimed at spurring economic resurgence and will serve to kickstart regional business opportunities as the country moves out of coronavirus lockdown towards post-virus normalization.