VANCOUVER, British Columbia, Jan. 21, 2019 (GLOBE NEWSWIRE) --
ICC International Cannabis Corp. (CSE:WRLD.U) (8K51.F)
(WLDCF) ("ICC" or âInternational
Cannabisâ or the âCompanyâ) is pleased to
announce that further to the signed Letter of Intent (âLOIâ) with
Wayland Group Corp. (CSE:WAYL)(75M.F)(MRRCF) (âWaylandâ) (see ICC
news release dated January 15, 2019), the companies will begin
integration of its extraction and distillation processes, in
addition to finished dose manufacturing of CBD products for the
European market.
Wayland's 125,000 kg supply of CBD flowers for extraction will
be processed in International Cannabisâ Polannabis operations and
finished into distillate. Leveraging Wayland's patented Vesisorb
formulations, Cosmos Holdings will then manufacture finished dose
CBD products, including oral tablets in its EU-GMP certified
facilities in Greece. Wayland's patented Vesisorb formulations have
been demonstrated to increase absorption of fat-soluble drugs by up
to seven times, compared to those without.
The expedited integration of operations, to take advantage of
Wayland's existing supply and ICC's EU-GMP certified operations for
finished dose manufacturing will lead to efficiencies in
production, and dramatically reduce cost of goods; boosting
profitability. The expedited nature of the operational integration
increases speed to market and takes advantage of Cosmosâ vast
existing distribution channels.
Eugene Beukman, Chief Executive Officer and a Director of
International Cannabis, stated: âThe integration of extraction and
distillation processes is one of the many synergies we will see
with Wayland's involvement in International Cannabis. Waylandâs
team of experienced pharmaceutical professionals, including
European GM Morten Lars Brandt, formerly the VP of Medium Size
Markets at Amsterdam based Norgine brings integration capabilities
of all operations from an experienced team that has accomplished
this previously.
Wayland has cultivated a highly experienced European operations
team, which boasts upstream, downstream, logistics, construction
and distribution capabilities. Wayland operations team is equipped
with a roster of leading healthcare executive, as well as branding,
agriculture and logistical specialists. This initial operational
integration will signal to the marketplace that International
Cannabis is positioned to operate world-class cannabis production
facilities and distribution networksâ
The Company is also pleased to announce that Wayland has completed
site visits for International Cannabisâ Greece and Colombia assets;
with operations exceeding expectations. Additional site visits to
all other operations will completed within the next two weeks.
Commencement of the knowledge transfer process has also begun
for International Cannabisâ assets in Denmark, Greece, Macedonia,
Bulgaria and Portugal. The expedited nature of the knowledge
transfer process will allow Waylandâs operations team to
aggressively begin championing the advancement of International
Cannabisâ existing cannabis and CBD operations.
âFlexible, functional, competent cross-functional teams, GMP
manufacturing, shared resources, Greek domestic and EU activities
across several healthcare sectors should make integration of
cannabis relatively simple, and significantly enhance timeline to
execute,â stated Terry Fretz, Wayland President and former
President of Watson Pharmaceuticals Canada following his site visit
to Cosmosâ operations in Greece.
âConsistent with our position that emerging markets will be best developed where local talent participates, Cosmos Holdings seems well poised to successfully partner with, and execute on the development of the cannabis sector within the emerging Greek/EU markets. Disciplines in multiple aspects of their businesses are in place including R&D, Regulatory, Manufacturing (GMP), Marketing and Distribution, adding to our existing talent base and operational platform,â continued Fretz.
International Cannabis has formally commenced the executive
recruitment process for a seasoned capital markets Chairman and
CEO. International Cannabis has engaged a leading global executive
recruitment firm to assist with the recruitment process. The
Company expects to begin initial discussions with qualified
candidates in the coming weeks.
International Cannabis is working aggressively toward a rapid
closing of the purchase of 49.9% of Wayland's International assets,
which are being spun out into a subsidiary.
International Cannabis operates in nine jurisdictions and Wayland
operates in nine jurisdictions, bringing total operations to 18
geographies, all with a central function to supply cannabis to the
global market.
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, Greece, Italy, Portugal, Malta, Colombia, Argentina, Australia, South Africa and Lesotho.
ON BEHALF OF THE ICC INTERNATIONAL CANNABIS CORP. BOARD OF DIRECTORS
âEugene Beukmanâ
Eugene Beukman
CEO, Director
+1 (604) 687-2038
[email protected]
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 Companyâs 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.