VANCOUVER, British Columbia, Oct. 20, 2021 (GLOBE NEWSWIRE) -- Isracann Biosciences Inc. (CSE: IPOT) (XFRA: A2PT0E) (OTC: ISCNF) (the “Company” or “Isracann”) an Israel-based company focused on becoming a premier low-cost, high-quality cannabis producer/distributor is pleased to announce the appointment of Mr. Phil Floucault to the position of Chief Executive Officer effective immediately.

The Isracann team recognized that as it transitions from its initial developmental stages into an operating enterprise, the time is ideal to implement proactive transformation of senior management to best leverage industry experience to maximize future potential.

Mr. Floucault most recently served as Co-Founder, President & CEO of the Costa Canna Group & United Greeneries Ltd, which in turn served Canadian provincial retail stores, federal production, processing, domestic & international sales & distribution, and product development within the global cannabis industry. With a mainstay on partnerships, Costa Canna became a leader in product flow-through and distribution both in the domestic & international markets.

Previously, he was the Vice President and Operations Manager for Interra Energy Services Ltd. (IESL) where he led the company to operate in 3 countries as well as leading the R&D Engineering program for designing industry techniques in North America. Phil has led many teams to financial success through his knowledge of market dynamics, business development, and formation evaluation. He has served in diverse roles such as vice president of operations, head office corporate sales, business development, and provided project management experience including financial forecasting for project design cost mitigation, integrated business development for cost sharing to maximize margins and value-added propositions, and in preparing training programs to maximize operational safety and performance.

Isracann’s CEO Phil Floucault states, “I am delighted to have this opportunity to serve with this highly motivated and experienced team as we push ahead in the Israeli marketplace. We have numerous elements rapidly coming together and are incredibly optimistic about the domestic opportunity and future access into the European markets. The future looks excellent, and we are ready to hit the ground running.”

Outgoing President & CEO Mr. Darryl Jones has tendered his resignation with immediate effect. The entire Isracann organization thanks Mr. Jones for his past service, motivation, and commitment to value creation, and in guiding Isracann through the unexpected realities of a global pandemic and the growing pains of regulatory and governmental intrigue and intricacies as part of a young but rapidly growing industry. The Company is pleased to advise that Mr. Jones will continue to serve as a board director.  

In addition, the Company announces that it has granted incentive stock options to certain directors, officers and consultants of the Company to purchase up to 2,525,000 common shares in the capital of the Company (the “Shares”) pursuant to the Amended and Restated Stock Option Plan dated August 7, 2019 of the Company. The options are exercisable on or before two years from the date of issuance at an exercise price of $0.20 per Share.

ON BEHALF OF THE COMPANY

“Phil Floucault”

Phil Floucault,
Chief Executive Officer

About Isracann Biosciences Inc. (CSE: IPOT) (XFRA: A2PT0E) (OTC: ISCNF)
Isracann is an Israeli-based cannabis company focused on becoming a premier cannabis producer/distributor offering low-cost production targeting undersupplied, major European marketplaces. Based in Israel's agricultural sector, Isracann will leverage its development within the most experienced country in the world with respect to cannabis research. The Company has secured agreements within Israel for medicinal marijuana cultivation. For more information visit: www.isracann.com.

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

All statements, other than statements of historical fact, included herein are forward-looking statements that involve various risks and uncertainties. The use of any of the words “anticipate”, “continue”, “estimate”, “expect”, “may”, “will”, “would”, “project”, “should”, “believe” and similar expressions are intended to identify forward-looking statements. There can be no assurance that such statements, including the impacts of the COVID-19 pandemic and supply and demand trends in the cannabis industry, will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ, materially from the Company’s expectations are disclosed in the Company’s documents filed from time to time with the Canadian Securities Exchange, the British Columbia Securities Commission, the Ontario Securities Commission, and the Alberta Securities Commission.

Contact
Empire Communications Group
Phone: +1 (604) 343-2724
Email: [email protected]
Web: www.isracann.com