Isracann Biosciences Inc. (OTCMKTS:ISCNF) is enhancing its efforts to service the expected surge in demand in Israel and the EU markets. Recently the company offered an update provided by its joint venture partnership, Cannation Ltd, about the ongoing farming operations in the Hefer Valley region.
Isracann targeting the EU market as demand increases
With the COVID-19 pandemic extending to the second quarter, supply chains globally for cannabis face challenges of meeting growing demand. Licenses cannabis operators in Europe and North America need a lot of inputs in nutrients and fertilizers as well as labor to help them in operations to meet domestic and international demand.
As a result, Isracann is planning to respond to the expected growing demand by leveraging the advanced agronomics of Israel and the good local input supply to chart a part to success. Equally, the more than 300 days of sunshine per year and access to main Mediterranean shipping routes could help the company in achieving rapid success. The company’s previously announced supply partnership in Malta will offer necessary financial incentives and EU trading relations. The company is also open to other options to ensure quick shipping of harvested crops in the future to high-value markets.
Construction of Cannation farms almost complete
The company that its phase one construction operations at the Cannation farms are almost complete. Similarly, the recent offtake deal with Focus Medical Herbs, which is a licensed producer in Israel, has invigorated the Isracann team. Following enhanced operations at the farm, the company has continued to monitor operations amid the COVID-19 pandemic and has been working with in-country partners in implementing preventive measures.
Currently, the property comprises of two adjoining farms with the first facility sitting on 55,000 sq. ft. that is complete awaiting final inspection. The other farm comprises of a 110, 000 square feet facility that will be used for expansion of operations. Once the 55,000 sq. ft. the facility is complete, and the company harvests its first crop; an inspection will follow, which upon approval, the company will receive a greenhouse license.
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