ICC International Cannabis Corp (CSE:WRLD.U) (OTCMKTS:WLDCF) announced a deal Tuesday with AgraFlora Organics International Inc (CSE:AGRA) (OTC: PUFXF) to bring unique native Colombian cannabis strains to the global market.
According to the terms of the agreement, AgraFlora will transfer its portfolio of exotic, native Colombian cannabis genetics to Vancouver-based International Cannabis for marketing and global distribution.
Investors sent ICC shares up more than 2% to US$.37 on the OTC Markets, while shares remained flat in Toronto Tuesday morning.
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“This partnership further equips International Cannabis with the ability to provide highly coveted Colombian cannabis flower to its distribution global network of approximately 39,000 pharmacies and retail outlets,” said International Cannabis CEO Eugene Beukman. “The transfer of these native Colombian strains will also allow for the continued differentiation of the International Cannabis brand in an increasingly generic and homogenized market.”
In May 2018, Ontario-based AgraFlora formed a wholly-owned subsidiary, Pure Grow Medicinals SAS, to chase cannabis cultivation and genetics opportunities in Colombia. Pure Grow is working with a Cannabis Cup winner whose strain “Medellin Gold” has received tremendous industry accolades. They have since acquired a library of rare and exotic native cannabis seed varieties and their genetics portfolio now consists of rare cannabis strains from Valle del Cauca, Cauca, Magdalena and Antioquia in Colombia.
Transferring a library of 20 unique strains
As part of the deal, Pure Grow is transferring a library of 20 unique strains that include both prominent tetrahydrocannabinol (THC) and cannabidiol (CBD) varieties to International Cannabis. Some of the highly sought-after strains are Caucana, Purpura, Medellin Gold and Maroc.
As the World Health Organization and countries around the world gradually shift their stance in favor of medical CBD-derived products and oils, the demand for high-yield CBD strains is expected to increase, said the company.
“Pure Grow has assembled a unique genetic library of cannabis native to Colombia which we believe is poised to become a valuable asset for our company,” said AgraFlora Organics International Inc CEO Derek Ivany. “With the aim of maximizing the value of our genetics portfolio, we have confidence in our new partnership with ICC as they have built an extensive infrastructure across the value chain in the international cannabis marketplace. Their vast international presence consists of distribution networks and various licenses in multiple jurisdictions that will assist in introducing our genetics library to the marketplace.”
AgraFlora will retain the rights to the genetics library for its own uses within North America, with International Cannabis being granted exclusive rights elsewhere globally. For the transfer of the genetics library, International Cannabis will issue one million shares to AgraFlora.
Vancouver-based ICC is developing cultivation platforms for extraction, formulation and distribution of cannabis and has operating assets in the UK, Europe, Australia, South America and Africa.
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