VANCOUVER, British Columbia, Feb. 08, 2019 (GLOBE NEWSWIRE) --
ICC International Cannabis Corp.
(CSE:WRLD.U)(8K51.F)(KNHBF) ("ICC" or
âInternational Cannabisâ or the
âCompanyâ) applauds Wayland Group Corp.âs
(CSE:WAYL)(75M.F)(MRRCF) (âWaylandâ) recent
announcement that it has received both good manufacturing practice
and good distribution practice certifications from the national
authority in the state of Saxony for the Ebersbach facility (see
Wayland news release dated February 7, 2019). The certifications
apply to a 50,000 square foot area enclaved within the
geometrically larger Ebersbach facility, located just outside of
Dresden, Germany.
EBERSBACH FACILITY
The Ebersbach Facility is equipped with 820,000 square feet of clean room cultivation space. In addition, the Ebersbach Facility is poised to receive EU-GMP certifications for narcotics import and wholesale in Q1 2019. CBD isolate production from the Ebersbach Facility totalled 2,400 kg in 2018. The Ebersbach Facility has a replacement cost of 110M Euro.
The Company anticipates that it will be a leading applicant for a German indoor medical THC cultivation license and it will control a 500-hetare outdoor CBD cultivation operation. Of the many applicants for medical THC cultivation licenses, only two have a completed facility and of those that do, the largest is 14,000 square feet or 1.7% the size of the Ebersbach Facility.
The German patient population for medical Cannabis is experiencing exponential growth, with over 79,000 patients now active, up from approximately 800 in 20171.
Eugene Beukman, Chief Executive Officer and a director of International Cannabis, stated: âInternational Cannabis applauds the Ebersbach facilityâs receipt of the prestigious good manufacturing practice and good distribution practice certifications. EU-GMP certifications mark the highest standards of pharmaceutical production in the world. Receipt of EU-GMP certifications by the Ebersbach facility will streamline production processes, resulting in shorter lead times and higher margins. These certifications will also permit the bulk warehousing of medical cannabis on German soil, allowing for direct sales into an underserved marketplace.â
ICC â WAYLAND LOI
On January 15, 2019, International Cannabis announced it has entered into a letter of intent (âLOIâ) to acquire 49.9 per cent of Wayland Group Corp.'s international assets and licence portfolio. Pursuant to the LOI, the companies will complete a definitive purchase agreement on or before March 1, 2019. Wayland's international assets and licences will be held in a subsidiary (the âInternational Subsidiaryâ), owned by Wayland and International Cannabis. The International Subsidiary will include key management from Wayland.
Upon closing of the transaction, International Cannabis will acquire a 49.9-per-cent interest in the following operations, partnerships, licences and asset exposure:
COMBINED HIGHLIGHTS
Upon successful completion of the transaction, International Cannabis and Wayland will jointly hold or have access to the following:
ICC International, 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
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.
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1www.prohibitionpartners.com/europeancannabisreport/