VANCOUVER, British Columbia, Feb. 08, 2019 (GLOBE NEWSWIRE) -- ICC International Cannabis Corp. (CSE:WRLD.U)(8K51.F)(KNHBF) ("ICC" or “International Cannabis” or the “Company”) applauds Wayland Group Corp.’s (CSE:WAYL)(75M.F)(MRRCF) (“Wayland”) recent announcement that it has received both good manufacturing practice and good distribution practice certifications from the national authority in the state of Saxony for the Ebersbach facility (see Wayland news release dated February 7, 2019). The certifications apply to a 50,000 square foot area enclaved within the geometrically larger Ebersbach facility, located just outside of Dresden, Germany.
The Ebersbach Facility is equipped with 820,000 square feet of clean room cultivation space. In addition, the Ebersbach Facility is poised to receive EU-GMP certifications for narcotics import and wholesale in Q1 2019. CBD isolate production from the Ebersbach Facility totalled 2,400 kg in 2018. The Ebersbach Facility has a replacement cost of 110M Euro.
The Company anticipates that it will be a leading applicant for a German indoor medical THC cultivation license and it will control a 500-hetare outdoor CBD cultivation operation. Of the many applicants for medical THC cultivation licenses, only two have a completed facility and of those that do, the largest is 14,000 square feet or 1.7% the size of the Ebersbach Facility.
The German patient population for medical Cannabis is experiencing exponential growth, with over 79,000 patients now active, up from approximately 800 in 20171.
Eugene Beukman, Chief Executive Officer and a director of International Cannabis, stated: “International Cannabis applauds the Ebersbach facility’s receipt of the prestigious good manufacturing practice and good distribution practice certifications. EU-GMP certifications mark the highest standards of pharmaceutical production in the world. Receipt of EU-GMP certifications by the Ebersbach facility will streamline production processes, resulting in shorter lead times and higher margins. These certifications will also permit the bulk warehousing of medical cannabis on German soil, allowing for direct sales into an underserved marketplace.”
ICC – WAYLAND LOI
On January 15, 2019, International Cannabis announced it has entered into a letter of intent (“LOI”) to acquire 49.9 per cent of Wayland Group Corp.'s international assets and licence portfolio. Pursuant to the LOI, the companies will complete a definitive purchase agreement on or before March 1, 2019. Wayland's international assets and licences will be held in a subsidiary (the “International Subsidiary”), owned by Wayland and International Cannabis. The International Subsidiary will include key management from Wayland.
Upon closing of the transaction, International Cannabis will acquire a 49.9-per-cent interest in the following operations, partnerships, licences and asset exposure:
- German cannabis import licence, indoor medical cannabis cultivation licence application, 820,000-square-foot facility with 50,000-square-foot certified packaging/distribution centre (replacement cost of 110 million euros), annual production of over 2,400 kilograms of CBD (cannabidiol) isolate and 165 hectares of CBD cultivation operations, as well as a three-year agreement to supply medical cannabis to 2,200 pharmacies;
- The 820,000-square-foot Ebersbach facility has a replacement cost of 110 million euros; of the many applicants for German medical THC (tetrahydrocannabinol) cultivation licences, only two have a completed facility, and of those that do, the largest is 14,000 square feet or 1.7 per cent the size of the Ebersbach facility;
- Swiss cannabis cultivation operation, with 60,000-square-foot cultivation facility, proprietary genetics portfolio available for export, THC distillate import capabilities and material revenues from Haxxon AG operations;
- Leading candidacy for one of seven medical cannabis licences to be issued by the Italian government, as well as an ownership interest in a joint venture to produce cannabis products;
- Maltese licence to manufacture finished-dose medical cannabis;
- Colombian licences for THC/CBD production, extraction and export and pending access to a European Union good-manufacturing-practice-certified API facility for cannabis distillate processing;
- Leading candidacy for United Kingdom-based medical cannabis import licence and Australian late-stage medical cannabis applicant;
- Leading candidacy for the first Argentine federal medical cannabis licence, approval expected in early 2019 and existing supply agreements for CBD products;
- Integration of Wayland's European operations teams into the international subsidiary.
Upon successful completion of the transaction, International Cannabis and Wayland will jointly hold or have access to the following:
- Distribution or supply agreements with over 39,000 corporate and independent pharmacies;
- 30,000 kilograms EU GMP medical cannabis import agreement over a three-year term with Wayland;
- 16 licences, spanning 12 countries and four continents;
- 820,000 square feet of clean room cultivation space;
- 2,400 kg of CBD isolate produced in 2018.
ICC International, through its subsidiaries, has operating assets and is developing a world-class platform for cultivation, extraction, formulation and distribution across the globe in the United Kingdom, Denmark, Poland, Switzerland, Germany, Macedonia, Bulgaria, Serbia, Croatia, Greece, Italy, Portugal, Malta, Colombia, Argentina, Australia, South Africa and Lesotho.
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.