Isracann Biosciences Inc. - CEO, Phil Floucault
CEO, Phil Floucault
Source: Cowichan Valley Citizen
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  • Isracann Biosciences (IPOT) signs a binding letter of intent (LOI) to acquire Praesidio Health Inc.
  • Isracann has secured agreements within Israel for medicinal marijuana cultivation
  • Praesidio Health is a Canadian medical research company that develops natural health medicine (NHM)
  • It is developing candidates for several conditions and advances formulas with and without cannabinoids or psilocybin
  • Isracann Biosciences Inc. (IPOT) is up 23.08 per cent trading at $0.08 per share as of 11:35 a.m. EST

Isracann Biosciences Inc. (IPOT) has signed a binding letter of intent (LOI) to acquire Praesidio Health Inc.

Isracann is a biosciences company focused on becoming a cannabis producer and distributor. It has secured agreements in Israel for medicinal marijuana cultivation.

Praesidio Health is a Canadian medical research company that develops natural health medicine (NHM). It is developing several product candidates for a range of conditions and advanced formulas with and without cannabinoids or psilocybin.

Dr. George Vrabec, Chief Medical Officer at Praesidio Health, stated,

“Over the past decade, while the demand for natural health-based medicines has been rapidly increasing, we realized there was very limited clinical information available to our patients.”

Isracann believes that the acquisition has the potential to unlock strategic value in the health sector and its agreement as a stock transaction based on $4 million reflects this.

Isracann’s CEO, Phil Floucault, commented,

“Given the ongoing vagaries impacting our operations in Israel, I wanted to bring some momentum back to our project in a manner that offers real synergy and tangible mutual opportunity in future.”

Isracann Biosciences Inc. (IPOT) is up 23.08 per cent trading at $0.08 per share as of 11:35 a.m. EST.

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