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Citrine Global To Take Part In Establishment Of Israel's Cannabis Innovation Center

July 23, 2020 1:36 pm
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Citrine Global To Take Part In Establishment Of Israel's Cannabis Innovation Center

Citrine Global Corp. (OTCQB:TECR), currently trading as TechCare Corp., is participating in the creation of a "Cannovation Center" in Israel.

The Tel Aviv-based company said Thursday its board of directors authorized CTGL – Citrine Global Israel Ltd., its fully owned, Israel-based subsidiary — to participate in a joint venture for the center's establishment.

In addition, Citrine Global Israel Ltd will have control over 60% of the Cannovation Center.

The Cannovation Center, which awaits a grant from the Israeli government, will provide solutions for cannabis, CBD and hemp companies both in Israel and globally.

It includes factories for the manufacture of cannabis, hemp, and CBD products, laboratories, and a logistics and distribution center.

The center is designed to provide back up for cannabis growers, cannabis product developers as well as researchers and businesses in the cannabis space.

 "Our Cannovation Center venture is a result of years of involvement in the cannabis industry, and we are confident that the Cannovation Center will provide a solution for the needs of the cannabis industry, said Citrine Global's chairperson and CEO Ora Meir Soffer in a prepared statement.

Moreover, he identified Israel as one of the leaders in technological innovation, including the cannabis industry.

"We are happy that CTGL – Citrine Global Israel Ltd will be a part of this," added Soffer. 

Meanwhile, Israel has been gearing up for the legalization of cannabis use, as the Ministerial Committee for Legislation approved a bill last month, poised to legitimatize the possession of up to 50 grams of marijuana.

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