VANCOUVER, British Columbia, Nov. 19, 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 Enigma Unipessoal Lda (“Enigma”). Enigma controls one of the first hemp licenses to be issued in Portugal, which permits the cultivation, processing and import/export of hemp-derived products. Enigma successfully harvested and extracted its first hemp crop in 2015, and has become a notable importer of proprietary hemp seeds.
This licence authorizes International Cannabis to cultivate hemp on 400 acres of fertile agricultural land located in the Castelo Branco region of Portugal. The Company’s Portuguese hemp operations are estimated to yield 45,000 kg of finished, extracted pure cannabidiol (“CBD”) isolate product per annum, and a full operating team and infrastructure is in place.
The Castelo Branco region boasts over 250 days of unadulterated sunshine per year, resulting in an attractive climate for outdoor hemp cultivation. International Cannabis expects to seed the newly acquired land package in the spring of 2019.
Eugene Beukman, CEO and a director of International Cannabis stated, "International Cannabis is progressing towards a full spectrum cannabis license in Portugal, which it is hopeful to achieve before the end of Q1 2019. The Company considers the addition of this hemp licence as the first step towards developing a material cultivation presence in Portugal.
Enigma plans to release both branded and white-labeled CBD products in the first quarter of 2019. Enigma’s product offering will include CBD-infused chocolate, CBD oils, as well as CBD-based topical creams.
The Company continues to expand upon its European cultivation portfolio. This acquisition allows International Cannabis to further leverage its network through Cosmos Holdings' distribution network of approximately 35,000 pharmacies across 16 countries. Cosmos Holdings’ is equipped with a trans-European network of over 160 clients and vendors. This European distribution network is augmented by various value added services including strategic procurement, warehousing, product registrations and regulatory representations.
Mr. Beukman continued, "International Cannabis has long been focused on developing a capable team in Portugal. The Company is confident that this acquisition lays an excellent foundation for the comprehensive build out of a vertically integrated Portuguese operation. ICC’s expansive distribution network, will allow for continued penetration of the European Union's burgeoning CBD markets and appetite for natural health products".
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 18 million common shares at a deemed value of 66 cents per share. 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.