VANCOUVER, British Columbia, May 19, 2022 (GLOBE NEWSWIRE) -- Isracann Biosciences Inc. (CSE: IPOT) (XFRA: A2PT0E) (OTC: ISCNF) (the “Company”) a multi-faceted organization with a natural health medicine division in Canada and holdings in Israel, is pleased to announce that its wholly owned subsidiary Praesidio Health has completed the natural product number (NPN) submissions to Health Canada for its first formulations.
Praesidio Health (https://www.praesidiohealth.com/) is a Canadian medical research company that develops and validates natural health products (“NHPs”) using an evidence-based process has submitted all first round product formulations to Health Canada for review and approval as natural health products under a class 2 NPN submission. It is anticipated that approvals will be expedited due to the fundamental natural ingredient makeup of the formulations.
Isracann board member Dr. George Vrabec, MD FRCSC (Urol.) an experienced principal investigator of numerous clinical trials notes, “Our recent NPN submission to Health Canada moves us closer to credentializing natural health as agents of choice for conditions that may be incompletely treated by conventional pharmaceutical drugs. The application of our NPN's in these, usually chronic conditions including post-viral syndrome, low libido, lower urinary tract symptoms, and generalized anxiety, when validated, may move these into a preferred first line of care in the primary care setting.”
During Q1 of this year Isracann had a unique opportunity for a synergistic acquisition prospect that is anticipated to provide both short-and long-term value and benefits. This led to our announcement of March 28, 2022, regarding the acquisition of Praesidio Health Inc. The intellectual assets and advanced state of ongoing development efforts bring a portfolio of NHPs utilizing evidenced based processes directly aimed at improving patient health and wellness.
Furthermore, several of the proposed NHP formulations lend themselves to the potential introduction of cannabis and related derivative compounds which could be tailored for inclusion utilizing high quality genetics and source cultivation from future production output from Isracann’s Israeli operations.
Company management believes that because of the Praesidio acquisition, the outlook for near-term revenue generation is increasingly positive with current strategic goals targeting completion of initial product formulations in readiness for store shelves in both Canada and the USA during Q4 2022.
Company CEO & President Phil Floucault states, “Our proprietary formulations are designed to be unique in the marketplace, utilizing the latest studies in nutraceutical science. In keeping with our DNA to use evidenced-based practices, once the formulations are approved by Health Canada, we plan to test each formulation via third party consumer studies and advance towards commercialization as quickly as possible. We are also advancing our CMO partnerships in both Canada and the US to ensure our manufacturing and supply chain needs are fulfilled in the near term. We look forward to a fast track to sales in 2022.”
On Behalf of The Board of Directors
Chief Executive Officer and President
About Isracann Biosciences Inc. (CSE: IPOT) (XFRA: A2PT0E) (OTC: ISCNF)
Isracann is a multidisciplinary cannabis focused producer and product developer with Israeli-based cannabis production farm assets and a Canadian natural health medicine development and production arm. Concurrently focused on initial retail sales in Canada and in becoming a premier cannabis producer offering low-cost domestic Israeli production, the Company aims to commercialize natural health medicines in Canada and to leverage agreements within Israel for import/export opportunities and medicinal marijuana cultivation. For more information visit: www.isracann.com.
This release may contain forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words “expects”, “plans”, “anticipates”, “believes”, “intends”, “estimates”, “projects”, “potential” and similar expressions, or that events or conditions “will”, “would”, “may”, “could” or “should” occur. Forward-looking statements may include, without limitation, statements relating to the Company’s plans or goals, the Offering and the proceeds of the Offering. The forward-looking statements contained in this press release are expressly qualified in their entirety by this cautionary statement. All forward-looking statements in this press release are made as of the date of this press release. The forward-looking statements contained herein are also subject generally to assumptions and risks and uncertainties that are described from time to time in the Company's documents filed from time to time with the CSE, the British Columbia Securities Commission, the Alberta Securities Commission, and the Ontario Securities Commission. Although Isracann believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in forward looking statements. Isracann expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise.
The CSE does not accept responsibility for the adequacy or accuracy of this release.