Isracann closer to greenhouse construction

15-01-2020    12:03   |    Cannabis News World

As Israel cannabis market heats up, Israel has long been recognized for its pioneering contributions to research in the medical cannabis field. Recently, the state made its commitment clear to develop the sector by issuing a white paper on the opportunity to invest in Israeli cannabis. That was followed by the largest medical-marijuana merger ever in the country, with Cannbit Pharmaceuticals buying Tikun Olam’s Israel operations for up to $41.5 million, as excitement percolates over the underserved domestic market and upcoming cannabis exports.

In April, the Israeli government became only the third country in the world to legalize medical cannabis exports with expectations for the framework to be in place in 2020. The country is following in the footsteps of Canada, which witnessed its medical marijuana exports triple in 2018. A supportive government, a rich cannabis technology history, upcoming exports and nearly perfect climate for greenhouse cannabis cultivation were enough to incentivize Isracann Biosciences (CSE: IPOT) (OTC: ISCNF) to set up operations in Israel. Led by a management team that has decades of combined experience in the legal Canadian markets, Isracann is fully funded for a 230,000 square-foot facility in southern Israel with annual capacity up to 23,500 kilograms of dried cannabis flower.

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