Isracann Biosciences Subsidiary Praesidio Health Submits NPNs to Health Canada

Rhea-AI Summary

Isracann Biosciences (OTC: ISCNF) announced that its subsidiary, Praesidio Health, has submitted NPN applications for natural health products to Health Canada. This submission is expected to expedite approvals due to their natural ingredients. The formulations aim to address chronic conditions, including post-viral syndrome and generalized anxiety, potentially becoming first-line treatments. Isracann's CEO expressed optimism regarding near-term revenue generation from these products, targeting Q4 2022 for market readiness in Canada and the USA.

Positive

• Completion of NPN submissions to Health Canada for natural health products.
• Expected expedited approval due to natural ingredient formulations.
• Strategic goal targeting initial product formulation readiness for Q4 2022.
• Potential introduction of cannabis derivatives in proposed formulations.

Negative

• None.

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

“Phil Floucault”

Phil Floucault
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.

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Empire Communications Group
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www.isracann.com

Forward-Looking Information
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FAQ

What is the significance of Isracann's NPN submission to Health Canada?

The NPN submission is crucial as it seeks regulatory approval for natural health products, potentially allowing Isracann to enter the market with new formulations.

When does Isracann plan to launch its products in Canada and the USA?

Isracann aims to have its products on store shelves by Q4 2022.

What health conditions do Isracann's formulations aim to address?

The formulations are designed to address chronic conditions such as post-viral syndrome, low libido, lower urinary tract symptoms, and generalized anxiety.

What are the potential benefits of Isracann's acquisition of Praesidio Health?

The acquisition enhances Isracann's portfolio of natural health products and is expected to drive both short- and long-term value for the company.

What are the future commercialization plans for Isracann's formulations?

Isracann plans to test formulations through third-party consumer studies and expedite commercialization following Health Canada's approval.