Tal Ohana, Mayor of Yeruham: “We have been working with Ora Elharar Soffer and the Citrine Global Group and welcome the establishment of the innovative Cannovation Center Israel in the Biopharma Park in Yeruham. Our vision to turn Yeruham into the medical cannabis capital, through the Green-Negev project which I have been leading in the last few years, is becoming a reality. We receive support from the Israeli government and leading companies and entrepreneurs. In the last year, we have established a start-up incubator for cannabis technologies with the assistance of the Innovation Authority and in partnership with the pharmaceutical company Perrigo, which has a factory in Yeruham, and with Israeli Cannabis Company BOL. The incubator is already active, and the expected volume of investments is NIS 150 million for the operation of the incubator in the coming years. In addition, we received approval from the Ministry of Economy to allocate land and support factories’ construction, which includes a 30% return on investment in the construction of the factory, a subsidized industrial area, reduced corporate tax, subsidy for senior employees’ salaries, and more.”
January 05, 2021 09:50 ET | Source: Citrine Global, Corp. Citrine Global, Corp.
Ora Elharar Soffer, CEO, Citrine Global Corp.: “We are proud to be the ones to establish the first operational innovation center of its kind for cannabis in the Biopharma Park in Yeruham with the support of the Israeli government and Yeruham Local Council and take part in the realization of Tal Ohana’s vision to turn Yeruham into the capital of medical cannabis. The Cannovation Center Israel will provide a comprehensive operational solution tailored to the requirements of the cannabis and botanical industry and is an important milestone that combines production, operations, technologies, and business development to leverage local and international collaborations. According to our strategy, we plan to build additional operational innovation centers working in this business model around the world.”
Citrine Global recognized the need for innovation centers in the medical cannabis and the food tech industries and decided to establish the first center in Israel in the field of cannabis through Cannovation Center Israel Ltd.
Citrine Global, Corp. (OTCQB: CTGL) (“Citrine Global”) operates in Israel through its wholly owned subsidiary, CTGL – Citrine Global Israel Ltd. (“Citrine Global Israel”), which focuses on Israeli technologies in the fields of healthcare, wellness, foodtech and medical cannabis.
The Cannovation Center Israel is a unique platform that includes factories for the production of medical cannabis, botanicals, CBD, hemp, supplements, food, and cosmetic products; laboratories for quality assurance, research, development, and clinical trials; a logistics, distribution, import and export center; business development strategy services.
About Citrine Global Corp., CTGL – Citrine Global Israel Ltd. and Cannovation Center Israel Ltd.
Cannovation Center Israel Ltd. is 60%-owned by CTGL – Citrine Global Israel Ltd., which is a wholly-owned subsidiary of Citrine Global Corp. (collectively, the “Citrine Global Group”). Citrine Global Group views the establishment of the Cannovation Center Israel as a national project backed by grants and support from the Israeli government and the Yeruham local council, and is aiming to create an ecosystem and collaborations between companies, entrepreneurs, universities and partners from Israel and around the world.
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