Isracann Biosciences Announces Delay in Filing Annual Financial Statements, The Canadian Business Journal

VANCOUVER, British Columbia, September 29, 2022 (GLOBE NEWSWIRE) — Isracann Biosciences Inc. (CSE: IPOT) (XFRA: A2PT0E) (OTC: ISCNF) (“Company”) announces that it has filed its audited annual financial statements for the year ended May 31, 2022. This includes relevant management discussion and analysis, and certification of CEOs and CFOs (collectively, “annual financial report”) was not submitted by the required submission deadline of September 28, 2022 (“Submission Deadline”). The annual financial report has been delayed due to an unexpected delay in completing the company’s audit. The unexpected delay is due to the fact that the Company acquired businesses in Israel and Canada during the accounting period and the auditors are trying to consolidate the audits and do not have time to complete the procedures.

Our staff are working diligently with our auditors and we expect to be able to file our annual financial report within the next seven weeks.

We have voluntarily filed with the applicable securities regulator and received a cease and desist order relating to our securities imposed on our management for trading in our securities. A management cease-and-desist order is effective until the annual financial report is filed. All other security holders may continue to trade our securities in accordance with applicable securities laws.

Until the annual financial report is filed, the company will provide information pursuant to National Policy 12-203. Suspend trading orders for continuous disclosure failures.

On behalf of the Board of Directors

“Phil Fourcaut”

Phil Fourcaut
Chief Executive Officer and President

About Isracann Biosciences Inc. (CSE: IPOT) (XFRA: A2PT0E) (OTC: ISCNF)
Isracann is a multidisciplinary cannabis-focused grower and product developer with Israel-based cannabis production farm assets and a natural health medicine development and production division in Canada. At the same time, by focusing on first retail sales in Canada and becoming the premier cannabis grower offering low-cost domestic Israeli production, the company will commercialize natural health medicines in Canada, creating import/export opportunities and It aims to leverage contracts within Israel for medical marijuana cultivation. For more information, see: www.isracann.com.

contact
Empire Communications Group
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www.isracann.com

Forward-Looking Information
This release may contain forward-looking statements. Forward-looking statements are not historical facts and are generally, but not always, “expects”, “plans”, “expects”, “believes”, “intends”, “estimates” ”, a description identified by the word “project”. , “potentially” and similar expressions, or that an event or condition “occurs”, “would”, “could”, “could” or “should occur”. Forward-looking statements include, but are not limited to, statements regarding our plans or goals, offerings and earnings from offerings. Any forward-looking statements contained in this press release are qualified in their entirety by this cautionary statement. All forward-looking statements contained in this press release are made as of the date of this press release. The forward-looking statements contained herein generally refer to the Canadian Stock Exchange, the British Columbia Securities Commission, the Alberta Securities Commission and the Ontario Securities Commission. Isracann believes that the expectations expressed in such forward-looking statements are based on reasonable assumptions, but such statements are not guarantees of future performance and actual results may vary. They may differ materially from forward-looking statements. Isracann expressly disclaims any intention or obligation to update or revise any forward-looking statements as a result of new information, future events or otherwise.

CSE does not take responsibility for the adequacy or accuracy of this release.

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