VANCOUVER, British Columbia, March 11, 2019 (GLOBE NEWSWIRE) -- ICC International Cannabis Corp. (CSE:WRLD.U)(8K51.F)(WLDCF) ("ICC" or “International Cannabis” or the “Company”) is pleased to reaffirm that the Company and Wayland Group Corp. (CSE:WAYL)(75M.F)(MRRCF) (“Wayland”) are diligently working towards completing a Definitive Purchase Agreement (the “Definitive Agreement”), as per the previously announced Letter of Intent (“LOI”).
Both International Cannabis and Wayland are nearing the conclusion of their strategic reviews and expect to enter into a Definitive Agreement. Upon closing of the transaction, Wayland’s international assets and licences will be transferred to a subsidiary (the “International Subsidiary”), owned by Wayland and International Cannabis; 50.1% and 49.9% respectively. The International Subsidiary will include key management, pharmaceutical professionals and operations personnel from Wayland.
The Companies expect to realize material synergies from this transaction, resulting in accelerated revenues, as well as the continued enhancement of shareholder value. International Cannabis and Wayland will capitalize on economies of scale to develop optimized production and distribution strategies, branding campaigns, as well as the penetration of new cannabis and CBD markets and verticals.
Together, ICC and Wayland boast operations in 18 distinct geographies, all with a central function to supply cannabis to the global market. Equipped with experienced cross-functional teams, healthy treasuries and the most robust license and asset portfolio in the industry, the Companies will collectively champion the global consumer’s THC/CBD experience.
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 pharmacies and retail outlets;
- 820,000 square feet of clean room cultivation space (replacement cost of 110 million euros);
- Good manufacturing practice and good distribution practice certifications for 50,000 square feet;
- Highly experienced European operations team, with extensive upstream, downstream, logistics, construction and distribution capabilities;
- Over 275 metric tonnes of extraction-ready hemp inventories, resulting in near-immediate access to superior CBD concentrates;
- Forecasted production of 15,000 kg of CBD isolate in 2019;
- 30,000 kg EU-GMP medical Cannabis import agreement over a three year term with Wayland;
- 16 licences, spanning, 12 countries and four continents;
Eugene Beukman, Chief Executive Officer and a Director of International Cannabis, stated: “The Companies have been diligently working towards a Definitive Agreement. The transaction would further solidify ICC as a global cannabis leader, with exposure to a broad range of jurisdictions and consumers."
ABOUT INTERNATIONAL CANNABIS
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.