Isracann Signs Preliminary Deal For European Cannabis Distribution

Isracann Biosciences Inc. IPOT ISCNF announced Thursday it has entered into a memorandum of understanding for a preliminary distribution agreement with an unnamed company for legal European cannabis markets. 

As part of a pending definitive agreement, the unnamed distributor entered into a provisional agreement with

The agreement is a tentative one for exports and processing and is a non-binding option on dried flower product that follows Israeli export laws, Irsracann said in a press release.

The product would be imported Malta under the deal in compliance with jurisdictional importation and transshipment regulations, the company said. 

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The distributor is adapting a regional processing facility to meet European Union Good Manufacturing Practice, according to Isracann said. 

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“Well before we began our agricultural efforts in Israel, we recognized the need for strategic distribution agreements. Malta has long been on our radar due to its favorable business environment, excellent logistics and proximity to major European markets,” Isracann CEO Darryl Jones said in a statement.

“While we continue to build momentum in Israel, we concurrently undertook to identify a potential partner with a similar big picture vision and goals. We believe this agreement can expedite our entry into these markets as purveyors of what we aim to brand as the gold standard of Israel’s cannabis export sector."

Over-the-counter Isracann shares were trading 5.83% higher at 38 cents at the time of publication Friday.