Business

Update – Isracann signs LOI and acquires Natural Health Medicine Developer from Canadian Business Journal

Vancouver, British Columbia, February 24, 2022 (GLOBE NEWSWIRE) — Isracann Biosciences Inc. (CSE: IPOT) (XFRA: A2PT0E) (OTC: ISCNF) (“Company” or “Isracann”) focuses on research It is a bioscience company that I guessed. Acquired Praesidio Health Inc on February 16, 2022, combining the development of innovative health solutions with advanced stage activities aimed at becoming the best cannabis producer / distributor of low cost and high quality. Announced that it has signed a binding LOI. .of Canada (“Praesidio”).

In accordance with the LOI, we will acquire all of Praesidio’s outstanding shares for a total of C $ 4,000,000 (“Consideration Shares”) in common stock in our capital (“Common Shares”). ), Based on the volume-weighted average of the actual trading price of common stock (measured at 1/100 cent) on the Canadian Stock Exchange on 10 consecutive trading days immediately prior to the issue date of the consideration stock. The consideration shares will be issued in seven tranches, with a consideration of $ 1,000,000 on the day the acquisition ends (the “end date”), followed by a consideration of $ 500,000 every six months. The deadline. Each tranche of consideration stock is subject to a specific contractual escrow, and the final consideration stock will be released from escrow on the fourth anniversary of the deadline.

Phil Floucault’s appointment as Chief Executive Officer of Isracann in late October 2021 allows for a period of research and consideration, and ultimately Floucault’s parallel complement within the extensive business network. We were offered the opportunity to consider new business opportunities. The COVID-19 pandemic continues to affect almost every business sector in the world, and future Israeli business operations due to continued government delays that hinder the development of the cannabis business in Israel.

Praesidio Health (https://www.praesidiohealth.com/) is an industry-leading Canadian medical research company that develops and validates Natural Health Medicine (NHM) using evidence-based processes. Praesidio Health, a pioneer in NHM and treatments, is actively developing several product candidates that are useful in a variety of conditions, including post-virus exposure prevention, urology, anxiety / stress, immune boosters, and sleep aids. I am. The company employs a combination of formulations with or without cannabinoids and / or psilocybin, opening up product development opportunities in conjunction with future operations in Israel, including direct access to the European market.

George Vrabec MD FRCSC (Urol.), Chief Medical Officer of Praesidio Health, said: Over the last decade, we have found that while the demand for naturopathic medicines has increased rapidly, the clinical information available to patients is very limited. Praesidio Health was established with the desire to improve the health and safety of patients. By developing evidence-based clinical standards and guidelines focused on the use of NHM, we help prescribing physicians optimize the treatment and safety of patients across a wide range of medical illnesses. “

Praesidio Health, a pioneer in NHM and therapies, is actively developing several NHMs that are useful in a variety of urological conditions. The team is conducting evidence-based research on specific NHMs that show clinical efficacy in proof-of-concept studies. Urological status affects about 40% of men over the age of 50, and due to the aging male population in North America, BPH drug sales are projected to reach $ 5 billion (USD) by 2021. ..

Phil Floucault, CEO of Isracann, advises: Given the ongoing turmoil that impacts our business in Israel, we wanted to regain momentum in the project in a way that would provide true synergies and concrete mutual opportunities in the future. Praesidio Health believes that it has a special opportunity to unleash the strategic value of the health sector. The $ 4 million CAD-based equity transaction acquisition agreement reflects excellent value for shareholders. “

We also announced that we have signed a contract with Promethean Marketing to provide digital marketing services. The conditions relate to the provision of service for one month from February 23, 2022. In consideration of the contract, we paid a total of US $ 65,000.

On behalf of the company

“Phil Floucault”

Phil Floucault,
Chief executive officer

Isracann Biosciences Inc.about (CSE: IPOT) (XFRA: A2PT0E) (OTC: ISCNF)
Isracann innovates with a high-level effort to become the best low-cost, high-quality cannabis producer / distributor based in Israel targeting the major European markets of supply shortages. A bioscience company focused on the research and development of traditional health solutions. Based in the agricultural sector of Canada and Israel, Islacan leverages innovative product development and agricultural capabilities in one of the world’s most experienced countries in cannabis research. We have a contract to grow medical marijuana in Israel. For more information, please visit www.isracann.com.

CSE is not responsible for the validity or accuracy of this release.

All statements other than historical facts contained in this document are forward-looking statements with various risks and uncertainties. “Expect”, “Continue”, “Estimate”, “Expect”, “May”, “Do”, “Do”, “Plan”, “Should”, “Believe”, etc. The expression is intended to identify forward-looking statements. Such statements are accurate, including the impact of the COVID-19 pandemic and supply and demand trends in the cannabis industry, and actual results and future events may differ materially from those expected in such statements. There is no guarantee. Significant factors that may cause actual results to differ materially from our expectations are disclosed in our documents submitted from time to time to the Canadian Stock Exchange, British Columbia Securities Commission, Ontario Securities Commission, and Alberta Securities Commission. It has been.

contact address
Empire Communications Group
Phone number: +1 (604) 343-2724
Email: inquiries@isracann.com
Web: www.isracann.com


CBJ News Maker

Update – Isracann signs LOI and acquires Natural Health Medicine Developer from Canadian Business Journal

Source link Update – Isracann signs LOI and acquires Natural Health Medicine Developer from Canadian Business Journal

Related Articles

Back to top button