VANCOUVER, British Columbia, Nov. 20, 2018 (GLOBE NEWSWIRE) -- ICC International Cannabis Corp. (CSE:WRLD)(8K51.F)(KNHBF) ("ICC" or “International Cannabis” or the “Company”) is pleased to announce it has entered into a definitive agreement to acquire 100 per-cent of Green Gene Research Inc. (“Green Gene”). Green Gene boasts 17 years of experience in the fields of Cannabis research, testing, cultivation, as well as the optimization of proprietary seeds and strains.
Green Gene controls a portfolio of over 120 laboratory-tested craft Cannabis strains. These unique craft strains will allow for the continued differentiation of the International Cannabis brand, in an increasingly generic and homogenized market. Green Gene’s strain and seed inventory has been curated and assembled over the past 17 years by a team of experiences geneticists and breeders.
The acquisition of Green Gene positions International Cannabis to realize multiple revenue streams using its unique genetic catalogue. These revenue streams will result in consistent, accretive cash flows and include:
- Licencing of premium genetic strains;
- Wholesale seed sales;
- Clone fulfillment services;
- Custom breeding programs; and,
- Tissue culture and strain patenting services.
Under the terms of the agreement, Green Gene will transfer ownership of its proprietary strain portfolio, seed inventory and clone catalogue to International Cannabis. The acquisition of Green Gene further augments International Cannabis’ robust portfolio of vertically integrated Cannabis assets, as well as positions the Company to capitalize on Canada’s legal recreational Cannabis marketplace.
With the addition of Green Gene, International Cannabis has access to a robust collection of genetics of top ranked strains from around the World. International Cannabis plans to deploy Green Gene’s premium genetic strains and seed bank capabilities to its Cannabis operations in Colombia, Denmark, Poland, Greece, Portugal, South Africa and the Kingdom of Lesotho.
This acquisition will also afford International Cannabis the ability to provide highly coveted Cannabis flower to its distribution network of approximately 35,000 pharmacies across 16 countries. Through an exclusive agreement with Cosmos Holdings, the Company has access to a trans-European network of over 160 clients and vendors. International Cannabis’ distribution network is augmented by various value added services including strategic procurement, warehousing, product registrations and regulatory representations.
Eugene Beukman, CEO and a director of International Cannabis stated, “The acquisition of Green Gene broadens the product offering that ICC can provide to its clients and to its distribution network. Proprietary strain portfolios, seed inventory and clone catalogues increase the breadth of ICC’s unique product offering and presents an exciting opportunity to provide superior strains and higher quality products to the Cannabis consumer worldwide. The inclusion of Green Gene strains and seed library is yet another step towards achieving ICC’s goal of servicing top-tier products to the EU and LATAM.”
ICC International Cannabis, through its subsidiaries, has agreements in place for European-based pharmaceutical distribution, wholesale importation, and research and development, as well as licences to cultivate, produce, distribute, store and export cannabis, cannabis derivatives and industrial hemp in Colombia, Denmark, Poland, Greece, Portugal, South Africa and the Kingdom of Lesotho.
Under the terms of the agreement, the company will issue 10 million common shares. A finders fee is payable on this transaction.
ON BEHALF OF THE ICC INTERNATIONAL CANNABIS CORP BOARD OF DIRECTORS
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Notice Regarding Forward Looking Information:
This news release contains certain "forward-looking information" within the meaning of applicable Canadian securities law. Forward-looking information is frequently characterized by words such as "plan", "continue", "expect", "project", "intend", "believe", "anticipate", "estimate", "may", "will", "potential", "proposed" and other similar words, or information that certain events or conditions "may" or "will" occur. This information is only a prediction. Various assumptions were used in drawing the conclusions or making the projections contained in the forward-looking information throughout this news release. Forward-looking information includes, but is not limited to: political changes in Canada and internationally, future legislative and regulatory developments involving cannabis in Canada and internationally, the Company’s ability to secure distribution channels in international jurisdictions, competition and other risks affecting the Company in particular and the cannabis industry generally.
The forward-looking information contained in this release is expressly qualified by the foregoing cautionary statements and is made as of the date of this release. Except as may be required by applicable securities laws, the Company does not undertake any obligation to publicly update or revise any forward- looking information to reflect events or circumstances after the date of this release or to reflect the occurrence of unanticipated events, whether as a result of new information, future events or results, or otherwise.