International Cannabis and AgraFlora Partner to Bring Native Colombian Cannabis Strains to the Global Marketplace
VANCOUVER, British Columbia, April 09, 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 the Company has entered into an agreement with AgraFlora Organics International Inc. (“AgraFlora”) (CSE: AGRA)(FWB: PU31)(OTC: PUFXF), whereby AgraFlora will transfer its portfolio of exotic, native Colombian cannabis genetics to ICC for international marketing and distribution purposes.
Eugene Beukman, Chief Executive Officer and a Director of International Cannabis stated:
This partnership further equips International Cannabis with the ability to provide highly coveted Colombian cannabis flower to its distribution global network of approximately 39,000 pharmacies and retail outlets. The transfer of these native Colombian strains will also allow for the continued differentiation of the International Cannabis brand in an increasingly generic and homogenized market
In May 2018, AgraFlora formed a wholly owned subsidiary, Pure Grow Medicinals S.A.S. (“Pure Grow”), to pursue cannabis cultivation and genetics opportunities in Colombia. Pure Grow has since been working in concert with a Cannabis Cup winner whose strain “Medellin Gold” has received industry accolade and has, since formation, acquired a select library of rare and exotic native cannabis seed varieties from various regions in the country.
The Companies genetics portfolio consists of rare, native cannabis strains from the regions of Valle del Cauca, Cauca, Magdalena and Antioquia in Colombia. Under the agreement, Pure Grow is transferring to International Cannabis a library consisting of 20 unique strains that include both prominent tetrahydrocannabinol (“THC”) and cannabidiol (“CBD”) varietals, including highly sought-after strains such as:
- Medellin Gold; and,
As both the World Health Organization and many countries around the world shift their stance in favour of medical use of CBD-dominant cannabis oils and CBD-derived products, the demand for high-yield CBD strains is expected to increase geometrically.
Pure Grow has assembled a unique genetic library of cannabis native to Colombia which we believe is poised to become a valuable asset for our company
said Derek Ivany, President & CEO, AgraFlora Organics International Inc.
With the aim of maximizing the value of our genetics portfolio, we have confidence in our new partnership with ICC as they have built an extensive infrastructure across the value chain in the international cannabis marketplace. Their vast international presence consists of distribution networks and various licenses in multiple jurisdictions that will assist in introducing our genetics library to the marketplace
Under the terms of the agreement, AgraFlora will retain the rights to the genetics library for its own uses within North America, with International Cannabis being granted exclusive rights elsewhere globally. In consideration for the transfer of the genetics library, the Company will issue one million common shares of ICC to AgraFlora. The valuation of the shares will be based upon the five-day VWAP of ICC's common shares for the five trading sessions prior to the announcement of the agreement.
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.
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
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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.