Isracann Biosciences Inc. (CSE:IPOT) (XFRA:A2PT0E) (OTC:ISCNF) has entered into a binding letter of intent to acquire Praesidio Health Inc. of Canada, a medical research company.
Praesidio Health develops and validates natural health medicine using an evidence-based process. The company is actively developing several product candidates for utility in a range of conditions, including post-viral exposure prophylaxis, urological, anxiety/stress, immune booster, and sleep aids. Praesidio Health employs formulation combinations with and without cannabinoids and/or psilocybin which opens the opportunity for product development in conjunction with future operations in Israel including direct access to European markets.
The team is advancing evidence-based research on select NHMs showing clinical efficacy in proof-of-concept studies. Urological conditions affect approximately 40% of men over 50, and the aging male population in North America is driving sales of BPH drugs to projected revenues of 5 billion dollars by 2021.
Isracann's CEO, Phil Floucault stated: "We are excited to have the opportunity to bring this world-class team onboard. 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. I believe that Praesidio Health holds an extraordinary opportunity to unlock strategic value in the health sector and our acquisition agreement as a stock transaction based on $4M CAD reflects excellent value for our shareholders."
In addition Isracann revealed it has signed an agreement with Promethean Marketing to provide digital marketing services. The terms are for the offering of services for one month beginning February 23, 2022. As consideration for the contract, the company has made payments totaling $65,000.