ICC International Cannabis Corp (OTCMKTS:WLDCF) (CSE:WRLD.U) said Thursday that it has acquired an interest in a Macedonian pharmaceutical manufacturer, Alkaloid AD Skopje.
Vancouver-based ICC said in a statement that the deal creates synergies with its existing Balkan-based medical cannabis and cannabidiol license portfolio. The cannabis company recently announced the acquisition of Macedonian medical cannabis cultivation and extraction licenses, as well as Bulgarian medical cannabis and hemp cultivation licenses.
READ: ICC International Cannabis agrees to buy Balkan Cannabis in deal adding to European operations
Alkaloid, based in Skopje, Macedonia, has a workforce of more than 1,800 employees and maintains a network of 16 subsidiaries in the US, Russia, Switzerland, Croatia, Slovenia, Bulgaria and Turkey.
The Macedonian company owns and operates a consortium of pharmaceutical and cosmetics manufacturing plants, including Good Manufacturing Practice-certified facilities. It reported revenue of more than C$171 million (US$121 million), according to its 2017 audited financial statements.
“International Cannabis’ stake in Alkaloid affords the company a dominant regional partner with over eight decades of pharmaceutical manufacturing experience,” Eugene Beukman, CEO of ICC, said in a statement.
Shares of ICC slipped US$0.04 to US$0.36 in Thursday’s Canadian trading. They were down US$0.02 to US$0.37 on the OTC Markets.
Contact Dennis Fitzgerald at [email protected]