Mr. David Shpilt reports
INTERNATIONAL CANNABIS APPLAUDS RECEIPT OF FULL AND FINAL CONFIRMATION OF GERMAN CANNABIS LICENSE; WAYLAND TRANSACTION TO CLOSE FRIDAY
ICC International Cannabis Corp. is applauding today's announcement by Wayland Group Corp. that its joint venture Demecan GmbH, of which Wayland holds 50 per cent, with an option to increase to 60 per cent, has been awarded three lots of domestic cannabis production in Germany by the Federal Institute for Drugs and Medical Devices (BfArM), after the withdrawal of a competitor's complaint following an oral court hearing.
Demecan has been awarded three lots of 13 total, solidifying Demecan as one of three companies globally to achieve a German cannabis licence for domestic production, out of 79 applicants. Demecan will now begin production within Wayland's 820,000-square-foot Ebersbach facility, following completion of upgrades to quality and security systems.
In addition, the company is pleased to announce that Wayland GmbH has received its narcotics licence from the Bundesopiumstelle, the narcotics division of BfArM.
ICC International Cannabis and Wayland have signed a definitive agreement to sell a 49.9-per-cent interest in Wayland's international portfolio of assets to ICC. The terms of the definitive agreement are consistent with the letter of intent that was announced on Jan. 15, 2019.
In addition, under the proposed transaction, ICC and Wayland will sign a three-year supply agreement with that will supply the company with 10,000 kilograms of European Union GMP-certified (good manufacturing practice) product per year for a total of 30,000 kilograms during the term.
The companies anticipate that the transaction will close in the coming days.
About ICC International Cannabis Corp.
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.
We seek Safe Harbor.
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