International Cannabis Secures Cannabis Purchase Order for European Distribution
VANCOUVER, British Columbia, Nov. 07, 2018 (GLOBE NEWSWIRE) -- ICC International Cannabis Corp. (CSE: WRLD)(FWB: 8K51)(OTC: KNHBF) ("ICC" or “International Cannabis” or the “Company”) is pleased to announce it has received an inaugural purchase order (“Purchase Order”) for 10,000mL of Tetrahydrocannabinol (“THC”) Cannabis oil, 5,000g of dried Cannabis flower and 5,000mL of Cannabidiol (“CBD”) oil.
The initial Purchase Order is scheduled for distribution during the first quarter of 2019. International Cannabis expects to receive subsequent Purchase Orders throughout 2019. The Company will also commence a dedicated European sales campaign, with the objective of augmenting impromptu, inbound demand.
Eugene Beukman, Chief Executive Officer and a director of International Cannabis stated:
The receipt of this Purchase Order is a significant milestone for ICC. The Company looks forward to fulfilling European demand for medical Cannabis, now and in the future. International Cannabis is equipped with an unparalleled ability to supply the overwhelming demand for Cannabis and Cannabis extracts in Europe. As International Cannabis prepares to fulfil this order from our own production and that of our partners, it is a clear indication of the demand, even unsolicited, that the Company will be ready for in the EU
International Cannabis will market and sell its Cannabis and CBD products throughout the 28 eligible member states of the European Union (“EU”). The EU has over 500 million potential consumers, affording ICC with a unique opportunity to service this high-growth marketplace. The global Cannabis market is forecasted to eclipse US$145 billion by the end of 2025.1
International Cannabis will leverage Cosmos Holdings Inc.’s (“Cosmos”) robust distribution network, representing approximately 35,000 pharmacies to market and sell its Cannabis and CBD products. The Company, through its wholly owned subsidiary Marathon Global Inc. (“Marathon”), has an exclusive agreement with Cosmos, a European based pharmaceutical distributor. Cosmos has a trans-European network of over 160 clients and vendors which expands to 16 countries including: Germany, United Kingdom, Ireland, United Arab Emirates, Denmark, Italy, France, Singapore, Spain, Lebanon, Skopje, Jordan, Sweden, Poland, Netherlands and Greece. This European distribution network is augmented by various value added services including strategic procurement, warehousing, product registrations and regulatory representations.
International Cannabis’ deep-seated understanding of regional business practices and export regulations, coupled with an expansive distribution network, will allow for continued penetration of the EU’s burgeoning Cannabis and CBD markets. The Company expects to receive additional Purchase Orders during the second quarter of 2019.
The Company has also closed a non-brokered private placement consisting of 8,333,333 units for gross proceeds of $4,999,999.80 at a price of $0.60 per unit (a “Unit”).
Each Unit is comprised of one common share (a “Share”) and one common share purchase warrant (a “Warrant”) of the issuer. Each Warrant will be exercisable into a Share of the Company at an exercise price of $1.20 with a two-year expiry. The proceeds of the private placement will be used for general working capital and potential acquisitions. All securities issued in connection with the offering will be subject to a statutory hold period of four months plus a day from the date of issuance in accordance with applicable securities law.
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.