ICC International Cannabis Corp (CSE:WRLD.U) (OTCMKTS:WLDCF) told investors Tuesday that it is “diligently” working toward completing a definitive purchase agreement with the Wayland Group (CSE:WAYL) (OTCQB:MRRCF) to wrap up its acquisition of 49.9% of Wayland’s international assets and license portfolio.
Both International Cannabis and Wayland are nearing the conclusion of their strategic reviews and expect to enter into a definitive agreement for the transfer of the assets.
“The companies have been diligently working toward a definitive agreement. The transaction would further solidify ICC as a global cannabis leader, with exposure to a broad range of jurisdictions and consumers,” said Eugene Beukman, CEO of ICC International Cannabis in a statement.
READ: ICC International Cannabis announces two strategic hemp deals, which will allow it to start fulfilling orders
The International subsidiary will be staffed by key management and operations personnel from Wayland, ICC said in a statement. Wayland will retain control, keeping a 50.1% stake in the subsidiary.
The two companies expect the deal will drive revenues higher as they look to take advantage of economies of scale to improve production, distribution and branding campaigns and enter new cannabis and CBD markets.
Once the deal is completed, ICC International Cannabis and Wayland will jointly hold distribution or supply agreements with over 39,000 pharmacies and retailers as well as 820,000 square feet of clean-room cultivation space.
The partners will also boast over 275 metric tonnes of extraction-ready hemp inventories, which will bring access to superior cannabidiol (CBD) concentrates.
The subsidiary will also benefit from 16 licenses, spanning 12 countries and four continents.
Intercannex added to Helix POS system
In other news, ICC also announced that the International Cannabis Exchange (Intercannex), its global distribution management system, would be integrated into cannabis technology and security provider Helix TCS’s point-of-sale (POS) system BioTrackTHC.
The new platform will rely on the abilities of Intercannex, a secure electronic cannabis market, to boost pricing and regulatory reporting and cut costs.
“Intercannex/BioTrackTHC affords us a secure, centralized platform to manage and effectively scale our global cannabis cultivation, production and end-distribution capabilities,” added Beukman in a statement.
BioTrackTHC is a leading POS platform and has processed US$18 billion in cannabis sales since it was started.
As ICC International Cannabis advances towards production, the Vancouver company will use the combined capabilities of Intercannex and BioTrackTHC to facilitate real-time transactions of wholesale cannabis products between licensed operators in regulated markets. With the new system, the company will also be able to add advanced cannabis track/trace procedures and security into its existing production facilities.
Other advantages of the new platform include the ability to instantly monitor product availability across 16 countries and four continents as well as securely record quality assurance lab results and archive strain analysis.
Intercannex offers a suite of tools for cultivators, dispensaries, manufacturers and vendors, to allow them greater control over the cannabis procurement process as well as improved regulatory reporting capabilities.
ICC International is developing an international platform for cannabis cultivation, extraction, formulation and distribution, with operations in the UK, Denmark, Poland, Switzerland, Germany, Macedonia, Bulgaria, Serbia, Croatia, Greece, Italy, Portugal, Malta, Colombia, Argentina, Australia, South Africa and Lesotho.
ICC shares slipped less than a cent to close at US$0.35 on Monday.
Contact Ellen Kelleher at email@example.com