viewICC Intl Cannabis Corp.

Kaneh Bosm gets C$5mln investment from Auxly Cannabis as they unveil strategic partnership

Kaneh Bosm also announced Monday it will change its name to ICC International Cannabis Corp

Kaneh Bosm and Auxly Cannabis Group have unveiled a strategic partnership

Cannabis group Kaneh Bosm BioTechnology Inc. (CSE:KBB, OTC:KNHBF) announced a strategic tie-up with  Auxly Cannabis Group Inc (CVE:XLY, OTCQX:CBWTF), which sees the latter invest C$5mln into Kaneh.

Kaneh Bosm also announced Monday it will change its name to ICC International Cannabis Corp on or around September 20 this year.

The transaction advances both businesses and Auxly will become a preferred commercial partner to Kaneh for future international and domestic cannabis ventures for ten years.

Auxly will also give Kaneh guidance for future production facility design and development, cannabis licensing and regulatory compliance, branding and marketing matters, distribution channel expansion, and related financing.

Kaneh has agreements in place to supply a European-based pharmaceutical distributor with a network of 35,000 pharmacies in 16 countries, in addition to working interests in industrial hemp licences in Greece and wholly owned licences to cultivate, produce, distribute, store and export cannabis in Colombia, the Kingdom of Lesotho and Denmark.

It is also pursuing further cannabis licences and related infrastructure in other international jurisdictions where cannabis is legal for medical or non-medical purposes.

New partner

"We are very fortunate to have attracted a partner like Auxly," said Eugene Beukman, chief executive at Kaneh.

"Their support is a further validator of our conviction that international opportunities in the right jurisdictions are likely to represent the next major growth and focus area for capital, as these significant markets mature and develop.

"Our licences and target licences in Europe and Latin America blanket a massive population of eligible and interested consumers."

Auxly has subscribed for C$5mln of convertible debentures of Kaneh Bosm via a placing. They bear interest at 8% and mature on September 17, 2021.

The debentures can be converted into units at C$0.53 each. Each unit consists of one Kaneh Bosm share and one share purchase warrant, which is exercisable into one Kaneh Bosm share for C$1.06 for three years.

Hugo Alves, from Auxly, said: "We commend Eugene and his team on the work they have done in acquiring the valuable platform of assets that make up Kaneh Bosm and we look forward to working together to build a meaningful international asset base."

Kaneh bosm shares eased over 4% to C$0.58.

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