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ICC International Cannabis Corp
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ICC Int'l applauds South Africa's CBD reclassification

2019-06-03 07:39 ET - News Release

Mr. David Shpilt reports


ICC International Cannabis Corp. has provided comment regarding recent revisions to South Africa's Medicines and Related Substances Act.

On May 23, 2019, as published in the Government Gazette, South Africa's Department of Health officially removed cannabidiol (CBD) from the country's Schedule 7 list of highly controlled drugs, allowing for the legal distribution of CBD products made in accordance with the government's specified preparations.

By way of an exclusive downstream agreement, International Cannabis is equipped with a South African distribution network of over 2,800 independent and corporate pharmacies. ICC's South African distribution footprint is augmented by various ancillary, value-added services including:

  • Strategic partnerships with key suppliers and wholesalers;
  • Patented Vesisorb formulations that have been demonstrated to increase absorption of fat-soluble drugs, including CBD, by up to seven times, compared with those without;
  • Domestic delivery services, providing local clientele with a vast array of medical pharmaceutical and over-the-counter (OTC) products;
  • Management of channel pressure;
  • Educational and training resources which will act as the foundation for a proposed cannabinoid education and doctor detailing staging ground.

David Shpilt, chief executive officer of International Cannabis, stated: "ICC applauds South Africa's recent reclassification of CBD under Schedule 4 of the South African Medicines Act. This is a landmark piece of legislation that will empower the South African populous with wide-scale access to a vast array of CBD products. South Africa boasts a population of 55 million and has made actionable progress pertaining to the integration of medical cannabis and CBD into its health care infrastructure.

"Armed with robust South African downstream capabilities, ICC will leverage patented Vesisorb formulations to penetrate the country's burgeoning CBD market. Widely considered a pioneer within the African cannabis sector, International Cannabis will imminently be in a position to share our progress relating to the supply of premium CBD products from local and international sources, including our African low-cost cannabis production hub in the Kingdom of Lesotho."

ICC's South African distribution network is further complemented by the company's medical cannabis operations in the Kingdom of Lesotho, including highly coveted licences for:

  • Cannabis cultivation;
  • Manufacturing;
  • Distribution;
  • Transport;
  • Research and development;
  • Import/export.

The Kingdom of Lesotho is an enclave of South Africa and will act as a cultivation and production hub for ICC's downstream network of 2,800 South African pharmacies. Both South Africa and Lesotho are members of the South African Customs Union (SACU), which aims to streamline the free interchange of goods between member countries.

Lesotho has also signed numerous international trade agreements permitting the unencumbered export of cannabis products to various jurisdictions worldwide. These trade agreements permit the unencumbered export of Lesotho's cannabis products to various jurisdictions worldwide.

Lesotho is a favourable jurisdiction for low-cost cannabis cultivation due to its rich soils, ideal climate, skilled agricultural work force and access to key infrastructure. It is anticipated that Lesotho will act as a staging ground for access to larger African markets that may yield greater demand potential.

International Cannabis will continue to productively collaborate with South African regulators, while optimizing its South African downstream assets and Lesotho-based low-cost cannabis production initiatives.

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.

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