VANCOUVER, British Columbia, Nov. 13, 2019 (GLOBE NEWSWIRE) -- ICC International Cannabis Corp. (CSE:WRLD.U)(8K51.F)(WLDCF) (the “Company” or "ICC" or “International Cannabis”) reports that it has agreed to terminate the transactions relating to the purchase of Wayland Group Corp.’s (“Wayland”) international portfolio of cannabis assets, licenses and operations pursuant to a termination agreement dated October 11, 2019 (the “Termination Agreement”). Pursuant to the Termination Agreement, ICC will relinquish its right to acquire Wayland's international asset portfolio and Wayland will return the 246,613,995 common shares in the capital of ICC it previously received pursuant to the definitive agreement between both parties dated April 22, 2019. The Termination Agreement also provides that Wayland will retain certain assets previously transferred from Wayland to ICC, together with a mutual release.
ICC also announces that in conjunction with the Termination Agreement, the Company and Wayland are pursuing a cannabis tolling agreement (the “Tolling Agreement”), whereby Wayland will process cannabis produced by International Cannabis or its affiliates at Wayland’s licensed, EU-GMP facilities in Langton, Ontario and Dresden, Germany. Additional details regarding the proposed Tolling Agreement will be provided once a definitive agreement has been entered into between both parties.
ABOUT INTERNATIONAL CANNABIS
ICC International Cannabis, through its subsidiaries, has operating assets and is developing a world-class platform for cultivation, extraction, formulation and distribution across the globe.
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.