VANCOUVER, British Columbia, May 28, 2019 (GLOBE NEWSWIRE) -- ICC International Cannabis Corp. (CSE: WRLD.U)(FWB: 8K51)(OTC: WLDCF) ("ICC" or “International Cannabis” or the “Company”) is pleased to announce that the Company has entered into a binding Letter of Intent (the “Agreement”) with AgraFlora Organics International Inc. (“AgraFlora”) (CSE: AGRA)(Frankfurt: PU31)(OTC: PUFXF), to acquire 100 per cent of AgraFlora’s Colombian pharmacy operation, Farma Swiss S.A.S. (“Farma Swiss”).
The Agreement provides International Cannabis with a coveted LATAM brick-and-mortar presence, as well as existing high-profile commercial agreement, further augmenting the Company’s THC/CBD cultivation capabilities and robust logistical infrastructure. ICC’s addition of a premier downstream Colombian asset thus conceives a compliant and secure platform for the distribution of medical cannabis and cannabinoid-derived products within Colombia.
It is anticipated that ICC will deploy a custom-made pharmacy compound strategy, originating with its inaugural Farma Swiss Colombian location.
Farma Swiss operates a licensed pharmacy strategically situated within a high traffic, commercial neighbourhood of Medellin, Colombia. Farma Swiss’ fully licenced brick and mortar pharmacy operation is equipped with the following ancillary, value-added services:
- Inbound prescription call centre, augmented by advanced supply chain and CRM software suites;
- Domestic delivery service, providing local clientele with a vast array of medical pharmaceutical and over-the-counter (“OTC”) products;
- On-site health related services and consulting;
- Proposed cannabinoid education and doctor detailing staging ground; and,
- Virtual channel capabilities.
David Shpilt, Chief Executive Officer of International Cannabis stated: “The proposed acquisition of Farma Swiss represents yet another material development within the LATAM theatre for ICC; affording us the opportunity further leverage our first mover advantage within the Colombian medical cannabis market by directly servicing more than five million potential patients within the country.
By integrating Farma Swiss’ intuitive pharmacy platform, with our 13-hectare cannabis centre of excellence and a preeminent catalogue of native Colombian cannabis genetics, ICC will continue to solidify its leadership position within Colombia’s high competitive medical cannabis marketplace, while streamlining patients access to our unique formulations.”
ICC’s acquisition of Farma Swiss augments recently concluded commercial arrangements between AgraFlora and ICC, completing the Companies symbiotic vertically integrated global cannabis mandates:
- Five-year term off-take agreement whereby ICC may purchase up to 100,000,000 grams of premium dried cannabis flower from AgraFlora's Delta Greenhouse Complex; and,
- AgraFlora’s assignment of its library of 20 unique Colombian cannabis genetics to International Cannabis, including prominent THC and CBD varietals, such as:
- Medellin Gold;
Brandon Boddy, Chairman and Chief Executive Officer of AgraFlora noted: “This strategic transaction further crystalizes our alliance with ICC with regards our collaborative pursuit of the burgeoning global cannabis trade. Monetizing of our flagship pharmacy operation to a trusted ally, permits us to streamline our international cannabis operations while focusing on the continued retrofit of our world class greenhouse complex in Delta, BC.
We are excited to hereby increasing our shareholdings in ICC as they continue to execute upon their international business mandate and embark upon realizing material cash flows.”
International Cannabis also announces that the Company is actively investigating complementary pharmacy related assets within Colombia that may serve as synergistic accompaniments to its acquisition of Farma Swiss. Further details will be provided in due course as due diligence progresses.
As per the terms of the Agreement, International Cannabis will issue AgraFlora such number of common shares in the capital of ICC that is equal to $250,000 based upon the five-day variable weighted average price of ICC’s common shares for the five trading sessions prior to the announcement of the agreement.
About AgraFlora Organics International Inc.
AgraFlora Organics International Inc. is a growth oriented and diversified company focused on the international cannabis industry. It owns an indoor cultivation operation in London, ON and is a joint venture partner in Propagation Service Canada and its large-scale 2,200,000 sq. ft. greenhouse complex in Delta, BC. The Company has a successful record of creating shareholder value and is actively pursuing other opportunities within the cannabis industry. For more information please visit: www.agraflora.com.
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
Chief Executive Officer
+001 (604) 687-2038
Learn more about ICC by visiting our website at: https://intlcannabiscorp.com/
ON BEHALF OF THE AGRAFLORA ORGANICS INTERNATIONAL INC BOARD OF DIRECTORS
Chairman & CEO
|For additional information:|
AgraFlora Organics International Inc.
T: (800) 783-6056
For French inquiries:
Remy Scalabrini, Maricom Inc.
T: (888) 585-MARI
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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.
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