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ICC International Cannabis and Wayland Group to begin CBD extraction

Wayland has cultivated a highly experienced European operations team, said ICC

Girl with cannabis leaf in hand
The Wayland deal adds cannabis operations in a variety of high-profile jurisdictions

ICC International Cannabis Corp (CSE:WRLD.U) (OTCMKTS:KNHBF) has wasted no time since inking its letter of intent with Wayland Group earlier this month, saying Monday, that they are to begin extracting CBD (cannabidiol).

The companies will begin integrating extraction and distillation processes, as well as the finished dose manufacturing of CBD (cannabidiol) products for the European market.

READ: ICC International Cannabis poised to launch European medical cannabis insurance plan

"The integration of extraction and distillation processes is one of the many synergies we will see with Wayland's involvement in International Cannabis," said Eugene Beukman, CEO of ICC.

"Wayland has cultivated a highly experienced European operations team, which boasts upstream, downstream, logistics, construction and distribution capabilities," he added.

"This initial operational integration will signal to the marketplace that International Cannabis is positioned to operate world-class cannabis production facilities and distribution networks."

Last week, the company said that it would complete a purchase agreement on or before March 1, 2019, to acquire 49.9% of Wayland Group Corp's international assets and licence portfolio.

It adds cannabis operations in a variety of high-profile jurisdictions while increasing exposure to high-growth marketplaces including Germany and the Asia Pacific theatre, ICC had said.

Wayland's 125,000kg supply of CBD flowers for extraction will be processed in International Cannabis's Polannabis operations and finished into the distillate.

Finished dose products 

Using Wayland's patented Vesisorb formulations, ICC's European distribution partner said Cosmos Holdings will then manufacture finished dose CBD products, including oral tablets in its EU-GMP-certified (European Union good manufacturing practices) facilities in Greece.

Wayland's patented Vesisorb formulations have been demonstrated to increase absorption of fat-soluble drugs by up to seven times, compared with those without.

ICC International Cannabis also revealed in Monday's press release that Wayland had completed site visits for its Greece and Colombia assets, with operations exceeding expectations.

Additional site visits to all other operations will be completed within the next two weeks.

ICC has formally begun the executive recruitment process for a seasoned capital markets chairman and CEO and expects to begin initial discussions with qualified candidates in the coming weeks.

When the purchase is complete, Wayland's international assets and licences will be held in a subsidiary which will be owned by Wayland and International Cannabis.

Shares in Toronto added 1.25% to $0.405.

Quick facts: ICC International Cannabis Corp.

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