VANCOUVER, British Columbia, July 18, 2019 (GLOBE NEWSWIRE) -- ICC International Cannabis Corp. (CSE:WRLD.U)(8K51.F)(WLDCF) (the “Company” or "ICC" or “International Cannabis”) is pleased to announce that the Company has entered into an exclusive supply and commercial rights agreement (the “Agreement”) with licensed New Zealand medical cannabis company, NUBU Pharmaceuticals (“NUBU”).
Under the terms of the Agreement, ICC will supply NUBU will a suite of full-spectrum pharmaceutical grade medical cannabis products including:
- Packaged and labelled medical cannabis including; oil/tincture and capsules in finished goods form
- ICC Branded, co-branded and/or ICC labelled medical cannabis products under development including but not limited to:
° Cannabis oil;
° Transdermal patches;
° Oral sprays;
° Inhalers; and
° Vaporizing cartridges
- Hemp derived CBD adhering to the international standard of less than 0.3% THC, in both bulk form (i.e. CBD isolate, CBD distillate, full spectrum oil) and finished good forms.
ICC will leverage its existing brand portfolio, European GMP-certified processing facilities and extraction ready inventories to maximize margins and profitability, while servicing New Zealand’s high value patient population. The Company remains committed to servicing all links of the cannabis value chain including the manufacture and export of finished product to developing international marketplaces.
Founded in 2017, NUBU Pharmaceuticals is widely considered a first mover within New Zealand’s high-value medical cannabis industry. In partnership with ICC, NUBU is now equipped with the best in class product formulation and supply chain infrastructure required to deliver reputable and clinically effective medicinal cannabis products into the New Zealand marketplace.
Earlier this year NUBU was awarded a License to Deal in Controlled Drugs by New Zealand’s Ministry of Health, and a License to Sell Medicines Wholesale, which will allow the company to import and distribute ICC manufactured THC/CBD products ahead of other local market participants.
David Shpilt, Chief Executive Officer of International Cannabis stated: “ICC’s exclusive supply and commercial rights agreement with NUBU successfully catapults the Company into yet another high-value medical cannabis jurisdiction. The marriage of International Cannabis’ superior product formulation capabilities and extensive CPG/branded product market entrance experience, coupled with NUBU’s unique CBD/THC distribution infrastructure will permit continued brand loyalty, while addressing priority medical conditions within the Asia-Pac theatre.
In collaboration with NUBU, the Company is also in discussions about the distribution of a number premium value-add medicinal and wellness products from New Zealand to export markets internationally. ICC now boasts supply, distribution and commercial rights agreements with a host of high-profile cannabis operators across a variety of territories primed for exponential growth such as India, Germany, New Zealand and Colombia.”
The Company also announces that it has issued a total of 318,757 common shares of the Company to JYT Partners Limited (the “Consultant”), in consideration for services rendered pursuant to the terms of a Consulting Agreement (the “Agreement”) entered into with the Company and invoices received by the Company dated September 30, 2018 to June 30, 2019.
The common shares are being issued as a shares for services transaction. Pursuant to the terms of the Agreement:
The deemed price of 44,118 common shares is CDN$0.68, which was calculated by using the volume weighted average closing share price on the last 5 trading days of September 2018. The deemed price of 80,550 common shares is USD$0.273, which was calculated by using the volume weighted average closing share price on the last 5 trading days of December 2018. The deemed price of 66,027 common shares is USD$0.34, which was calculated by using the volume weighted average closing share price on the last 5 trading days of March 2019. The deemed price of 128,062 common shares is USD$0.179, which was calculated by using the volume weighted average closing share price on the last 5 trading days of June 2019.
The Company confirms that the securities issued have not created a new Control Person of the Issuer.
A finder’s fee is payable on this transaction.
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 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
|“David Shpilt” |
Chief Executive Officer
+001 (604) 687-2038
|Investor Relations Contact: |
+001 (416) 597-5769
|For ICC French inquiries: |
Remy Scalabrini, Maricom Inc.
E: firstname.lastname@example.org T: +001 (888) 585-MARI
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THE CSE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ACCURACY OR ADEQUACY OF THIS RELEASE.
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.