- Isracann (IPOT) has been granted a Foreign Owners Cannabis License by the Israeli Minister of Health
- The move paves the way for the company to conclude a number of outstanding partnership and regulatory considerations
- The license allows for greater access to domestic partnerships
- The Israel-based company remains focused on becoming a premier low cost, high quality cannabis producer and distributor
- Shares of Isracann are unchanged on the day, trading at C$0.24 at 11:55 am ET
Isracann (IPOT) has been granted a Foreign Owners Cannabis License by the Israeli Minister of Health.
The move paves the way for the company to conclude a number of outstanding partnership and regulatory considerations in preparation for commercial operations.
The Israel-based company remains focused on becoming a premier low cost, high quality cannabis producer and distributor.
The foreign owners license legitimizes the company’s presence in Israel where there are only a small number of foreign owned sector participants who have obtained similar licencing.
Isracann believes it is now favourably positioned to leverage certain advantages.
Ownership licensing allows for greater access to domestic partnerships, increased participation in state-sponsored initiatives, and enhances access to financing.
It also simplifies the company’s ability to undertake domestic acquisitions, including the conclusion of its planned purchase of a third-party participant in the joint venture which would result in Isracann increasing its ownership position to 50 per cent.
Isracann announced its entry into a joint venture agreement as part of a phased partnership of two near-term farm operations located in Israel on March 24.
The company also announced it has finished all requisite construction and infrastructural installations in preparation for the commencement of planting and subsequent production at its Hefer Valley-based Ein Hahoresh Farm.
It is now waiting for an inspection by law enforcement officials and concurrent Ministry of Health approvals. Upon receipt, Isracann will have full approval to begin planting.
Shares of Isracann are unchanged on the day, trading at C$0.24 at 11:55 am ET.