1CM Inc. Enters India Cannabis Industry via Business Collaboration Agreement with Herbidus Formulations Pvt Ltd.
Toronto, Ontario--(Newsfile Corp. - March 27, 2023) - 1CM Inc. (CSE: EPIC) (OTCQB: MILFF) (FSE: IQ70) (the "Company" or "1CM") is proud to announce that it has entered into a Business Collaboration Agreement with Herbidus Formulations Pvt Ltd. ("the Trost").
The scope of collaboration includes licensing 1CM Inc's brands to the Trost for its manufacturing of Cannabis Ayurvedic Herbal Cigarettes ("Rollen" or "pre-rolls"), and the establishment of 2 Ayurvedic Medicine Flagship Clinics. If Trost can achieve the milestones set out in the Business Collaboration Agreement, and pending all regulatory approval, 1CM Inc. will have the ability to purchase the Trost based on a predetermined valuation formula not to exceed an enterprise value of Rs 50,00,00,000 (Approximately. CAD $8,337,815).
The Trost currently purchases all cannabis flower from the Government of Uttar Pradesh, Department of Excise ("Abkari") and licensed by Ministry of Ayush, Government of India. The Trost currently has a quota, which allows it to purchase up to 16,000kg of Cannabis flower leaf annually directly from the government for manufacturing into pre-rolls. The cannabis flower leaf is processed by maintaining the full profile of the plant and is permitted to contain naturally occurring amounts of THC, CBD, CBN and CBG.
1CM Inc. intends to provide its expertise to develop its cannabis stream and distribution in India. India is expected to become the most populous country in the world in 2023. This new enterprise provides a entry for 1CM into India with an existing domestic licensed ayurvedic medicine cannabis operator.
"The Trost currently possess the only licence in India to manufacture and sell Ayurvedic cannabis pre-roll cigarettes. I look forward to building Flagship Clinics and manufacturing cannabis products together in India."
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About 1CM Inc.
1CM Inc. is a multi-jurisdictional, multidimensional cannabis company focused on its retail customers and technology to democratize cannabis markets. Our vision is to be a leading cannabis company globally with solutions that add value to consumers and companies. The Company is focused on expanding its current operations through organic growth and by way of merger and acquisition transactions.
About The Trost.
The Trost is a Indian domiciled company focused on manufacturing and sales of ayurvedic medical cannabis as permitted under the The Narcotic Drugs and Psychotropic Substances Act, 1985 (NDPS Act), Drugs and Cosmetics Act, 1940 (DCA), and under a license from Ministry of Ayush, Government of India. The Trost currently sells its products on its website thetrost.com.
For more information, please contact:
CFO & COO
Tel: (717) - 888 -8889
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS:
Certain information in this press release constitutes forward-looking statements under applicable securities laws. Any statements that are contained in this news release that are not statements of historical fact may be deemed to be forward-looking statements. Forward-looking statements are often identified by terms such as "may", "should", "anticipate", "expect", "potential", "believe", "intend" or negatives of these terms and similar expressions.
Forward-looking statements are based on certain assumptions, including successful application to be a licensed cannabis producer and seller, expected growth, results from operations, performance, industry trends and growth opportunities. While 1CM Inc. considers these assumptions to be reasonable, based on information currently available, they are inherently subject to significant business, economic and competitive uncertainties and contingencies and they may prove to be incorrect. Readers are cautioned not to place undue reliance on forward-looking statements.
Forward-looking statements also necessarily involve known and unknown risks, including without limitation, risks associated with general economic conditions, adverse industry events, marketing costs, loss of markets, future legislative and regulatory developments, the inability to access sufficient capital on favorable terms, the medical and recreational cannabis industry in Canada in general, income tax and regulatory matters, the ability of 1CM Inc. to execute its business strategies, competition, crop failure, currency and interest rate fluctuations and other risks.
Readers are cautioned that the foregoing is not exhaustive. Readers are further cautioned not to place undue reliance on forward-looking statements as there can be no assurance that the plans, intentions or expectations upon which they are placed will occur. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ from those anticipated. Forward-looking statements are not guarantees of future performance. Except as required by law, 1CM Inc. disclaims any obligation to update or revise any forward-looking statements, whether as a result of new information, events or otherwise. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement.
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