ICC International Cannabis Corp. (CSE: WRLD.U) (FWB: 8K51)
(OTC: KNHBF) ("ICC" or
“International
Cannabis” or the
“Company”) is pleased to
provide the following updates pertaining to Denmark’s Cannabis
export regulations, as well as Auxly Cannabis Group Inc.’s (TSXV:
XLY) (“Auxly”) acquisition of licensed Uruguayan Cannabis operator
and CBD distributor, Inverell SA.
DANISH EXPORT REGULATIONS
On January 1, 2019, the Government of Denmark implemented an
executive order authorizing the bulk shipments of medical Cannabis.
Bulk exports of Danish medical Cannabis are now permitted in any
form and quantity, provided the requisite permits are obtained.
This executive order builds on preliminary Danish export
regulations adopted in 2018, which allowed for single-dosage
medical Cannabis exports.
Eugene Beukman, chief executive officer and a director of
International Cannabis, stated: “The Kingdom of Denmark is emerging
as the preeminent European jurisdiction for medical Cannabis
cultivation. International Cannabis applauds Denmark’s recent
executive order, which permits bulk shipments of medical
Cannabis.
This recent executive order further reinforces the Company’s
opinion that it holds one of the few Danish medical Cannabis
licenses; and that these licenses have become premier European
Cannabis assets, given the access allowed to the EU by Denmark’s
recently revised export regulations.”
AUXLY – INVERELL SA ACQUISITION
International Cannabis is pleased to note that Auxly’s
acquisition of 80 per cent of the outstanding common shares of
Inverell SA (“Inverell”) has been finalized. In September
2018, Auxly completed a $5 million strategic investment into
International Cannabis.
"The marriage of Auxly's anticipated low-cost Uruguayan
production with International Cannabis' significant European
distribution provides a fantastic synergy for the partnership."
stated Eugene Beukman.
Inverell is a federally licensed cannabis operator based in
Montevideo, Uruguay. Inverell is a large-scale outdoor producer of
hemp plants for cannabidiol (CBD) extraction operating on an
initial footprint of approximately 300 hectares. Inverell has
recently commenced the planting of its feminized seeds on 150
hectares, which it expects harvest in April 2019.
Auxly’s acquisition of Inverell will allow for a consistent,
low-cost source of cannabinoids for distribution throughout
International Cannabis’ robust distribution network of over 36,000
pharmacies across 16 countries.
DENMARK SUMMARY
Denmark legalized medical cannabis on January 1, 2018, following
a unanimous vote by the Danish parliament. Since legalization, the
Danish government has displayed strong support for cannabis
development, in the forms of research grants and tax incentives.
Denmark has quickly evolved into a premier European jurisdiction
for medical Cannabis cultivation due to the following:
- Motivated and stable government;
- Ample supple of low cost power;
- No medical Cannabis production cap or quotas;
- Access to skilled agricultural and manufacturing labour
forces;
- Local plant breeding and genetics expertise;
- Well funded healthcare system
- Established retail pharmacy network for product distribution;
and,
- Proximity to larger import-based markets, such as Germany, as
well as the European Union;
International Cannabis controls a medical cannabis cultivation
and manufacturing licence in the Kingdom of Denmark. The Company's
Danish assets mirror industry peers such as Canopy Growth Corp.,
Green Organic Dutchman Holdings, Aurora Cannabis Inc. and Canntrust
Holdings.
On December 19, 2018, International Cannabis provided the
following material progress updates pertaining to its Danish
medical cannabis operations:
- Expansion of its Danish land parcel to 100 acres;
- Engagement of leading greenhouse engineering and manufacturing
firm, Azrom (https://azrom.com/);
- Finalization of project plan and submission of building
permits;
- Land development and infrastructure operations;
- Construction and validation of its planned GMP (good
manufacturing practices) manufacturing facility;
- Continued augmentation of its seed/strain catalogue;
- Establishment of genetics room and completion of successful
test sprouts.
AUXLY URUGUAY SUMMARY
In December 2013, Uruguay passed legislation legalizing
recreational Cannabis, becoming the first country in the modern era
to do so. Uruguay offers optimal, low-cost, and fertile growing
conditions for Cannabis cultivation operations, married with a
state-run dispensary and distribution model.
Uruguay’s Cannabis Regulation and Control Institute (IRCCA) and
Ministry of Health govern the Country’s Cannabis industry. In 2018,
the IRCCA approved new levels of recreational cannabis with THC
equal to 9 per cent and CBD equal to 3 per cent.
Uruguay is equipped with a supportive government, as well as
regulations conducive to a successful Cannabis industry.
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 Denmark, Poland, Greece, Portugal, Macedonia, Bulgaria,
South Africa and the Kingdom of Lesotho.
ON BEHALF OF THE ICC INTERNATIONAL CANNABIS CORP BOARD
OF DIRECTORS
“Eugene Beukman”
Eugene BeukmanCEO, Director +1 (604)
687-2038info@intlcannabiscorp.com
Learn more about ICC by visiting our website
at: https://intlcannabiscorp.com/
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THE CSE HAS NOT REVIEWED AND DOES NOT ACCEPT
RESPONSIBILITY FOR THE ACCURACY OR ADEQUACY OF THIS RELEASE.
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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