ICC International Cannabis Corp (CSE:WRLD.U) (OTCMKTS:KNHBF) said Tuesday that it will complete a purchase agreement on or before March 1, 2019 to acquire 49.9% of Wayland Group Corp's international assets and licence portfolio.
Wayland's international assets and licences will be held in a subsidiary which will be owned by Wayland and International Cannabis.
"This is a watershed acquisition for International Cannabis; adding cannabis operations in a variety of high-profile jurisdictions, all while increasing exposure to high-growth marketplaces including Germany and the Asia Pacific theatre,” said International Cannabis CEO Eugene Beukman.
“This acquisition will solidify ICC as a global Cannabis leader, with exposure to a broader range of countries than any competitor to date,” added Beukman.
The CEO said the deal would help the company build a “robust portfolio of international cannabis assets” and accomplish its mandate to be one of the largest vertically integrated cannabis companies in the world.
After completing the transaction, International Cannabis will acquire a 49.9% interest in several new operations, partnerships, assets and licences in Germany, Switzerland, United Kingdom, Italy, Malta, Colombia, Argentina, and Australia.
Exposure to sevreral foreign markets
After the deal, the company will have an interest in a German cannabis import license, an indoor medical cannabis cultivation license application, and an 820,000 square feet facility with a 50,000 square feet certified packaging and distribution center. Annual production is estimated to hover around 2,400 kilograms of CBD isolate, 165 hectares of CBD cultivation operations, as well as a three-year agreement to supply medical cannabis to 2,200 pharmacies.
Similarly, a Swiss cannabis cultivation operation which includes a 60,000 square foot cultivation facility, a proprietary genetics portfolio available for export, a THC distillate import capabilities and material revenues from Haxxon AG operations.
It will also become a frontrunner for one of seven medical cannabis licences to be issued by the Italian government. It will also gain a Maltese license to manufacture finished-dose medical cannabis and be a leading candidate for a UK-based medical cannabis import license and an Australia late-stage medical Cannabis licence application. Hopes are also centered on scoring the first Argentinian Federal Medical Cannabis licence with approval expected in early 2019, and existing supply agreements for CBD products.
The company said that after the deal, International Cannabis and Wayland will jointly hold distribution and supply agreements with over 39,000 corporate and independent pharmacies and have at least 16 licences, spanning 12 countries and four continents.
Contact Uttara Choudhury at [email protected]
Follow her on Twitter: @UttaraProactive