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ICC International Cannabis agrees to buy Green Gene Research in stock deal

The buyer will issue 10 million common shares for the target company's proprietary strain portfolio, seed inventory and clone catalog

Marijuana plants in a greenhouse
ICC has agreed to buy a company with a portfolio of more than 120 lab-tested cannabis strains

ICC International Cannabis Corp (CNSX:WRLD) said Tuesday that it has agreed to buy Green Gene Research Inc, a company with a portfolio of more than 120 lab-tested Cannabis strains.

Under the agreement, Vancouver-based ICC said it will issue 10 million common shares, with a finder’s fee payable. Green Gene will transfer ownership of its proprietary strain portfolio, seed inventory and clone catalog to ICC.

READ: ICC International Cannabis clears Colombia cannabis agricultural inspection

ICC plans to deploy Green Gene’s genetic strains at its operations in Colombia, Denmark, Poland, Greece, Portugal, South Africa and Lesotho. In addition, the company has a distribution network of 35,000 pharmacies in 16 countries.

The buyer said it expects the deal to help it draw revenue from licensing of premium genetic strains, wholesale seed sales, clone fulfillment services, custom breeding, tissue culture and strain patenting services.

“The acquisition of Green Gene broadens the product offering that ICC can provide to its clients and to its distribution network,” ICC CEO Eugene Beukman said in a press release statement.

Shares of ICC slipped 4.08$ to C$0.47 in Canada on Monday.

Last week, the company said it cleared an inspection of its products by Colombian agricultural authorities.

Contact Dennis Fitzgerald at [email protected]

 

Quick facts: ICC International Cannabis Corp.

Price: 0.035 USD

CSE:WRLD.U
Market: CSE
Market Cap: $23.38 m
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