ICC International Cannabis Corp (CSE:WRLD) continues its expansion into the European Union via its latest acquisition of Portuguese hemp cultivator Enigma Unipessoal Lda.
Enigma will issue 18 million common shares priced at $0.66 each, taking the deal value to around $11.88 million.
The acquired company has a hemp license that allows for the cultivation, processing and import and export of hemp-derived products.
Enigma cultivates hemp on 400 acres of land in the Castelo Branco region of Portugal, harvesting its first crop back in 2015.
“The Company is confident that this acquisition lays an excellent foundation for the comprehensive build out of a vertically integrated Portuguese operation. ICC’s expansive distribution network will allow for continued penetration of the European Union's burgeoning CBD markets and appetite for natural health products,” said ICC CEO Eugene Beukman in the company’s press release.
Enigma plans to offer branded and white-labeled CBD products in the first quarter of 2019. The products include CBD-infused chocolate, CBD oils, and CBD-based topical creams.
The hemp operations are expected to produce 45,000 kg of pure CBD per year once a full operating team and complete infrastructure are in place.
ICC, through its subsidiaries, has various operations in Colombia, Denmark, Poland, Greece, Portugal, South Africa and the Kingdom of Lesotho.
Contact Lenore Fedow at [email protected]