Mr. Eugene Beukman reports
INTERNATIONAL CANNABIS PROVIDES TRANSACTION GUIDANCE
ICC International Cannabis Corp. has agreed to terminate the transactions relating to the purchase of Wayland Group Corp.'s international portfolio of cannabis assets, licences and operations pursuant to a termination agreement dated Oct. 11, 2019. Pursuant to the termination agreement, the company will relinquish its right to acquire Wayland's international asset portfolio and Wayland will return the 246,613,995 common shares in the capital of ICC it previously received pursuant to the definitive agreement between both parties dated April 22, 2019. The termination agreement also provides that Wayland will retain certain assets previously transferred from Wayland to ICC, together with a mutual release.
ICC also announces that in conjunction with the termination agreement, the company and Wayland are pursuing a cannabis tolling agreement, whereby Wayland will process cannabis produced by International Cannabis or its affiliates at Wayland's licensed, European Union-good manufacturing practice facilities in Langton, Ont., and Dresden, Germany. Additional details regarding the proposed tolling agreement will be provided once a definitive agreement has been entered into between both parties.
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.
We seek Safe Harbor.
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