ICC International Cannabis Corp (CSE:WRLD.U) (OTCMKTS:WLDCF) announced Wednesday that it has entered into an agreement with Organic Flower Investment Groups Inc to access distribution in the European market.
Vancouver-based International Cannabis will allow Organic Flower access to its European distribution network, which comprises of 80,000 retail locations and pharmacies across the continent, and commercial rights for cannabis processing and finishing at International Cannabis's GMP-certified facilities.
Shares of International Cannabis jumped 3.9% Wedneday to sit at C$0.27 on the Canadian Securities Exchange and 3.7% at US$0.27 on OTC markets.
READ: ICC International Cannabis strikes definitive agreement to acquire 49.9% of Wayland Group's International Asset and Licence portfolio
Organic Flower will compensate International Cannabis through royalties based on net sales of the company’s products sold through International Cannabis's distribution channels.
International Cannabis has a significant distribution network throughout 16 countries in Europe. The company also offers procurement, warehousing, product registration and regulatory representations.
For Organic Flower, the deal allows the cannabis cultivator to leverage International Cannabis’s distribution network for its products, including dried cannabis flower, edibles and beverages and CBD-infused pain relief creams.
“International Cannabis’ deep-seated understanding of European import and export regulations, coupled with its robust distribution channels provides Organic Flower with a springboard to expedite the placement of its unique product portfolio on European shelves,” said Organic Flower CEO Joel Dumaresq in a statement.
“ICC’s down line distribution footprint is unmatched within the European THC and CBD operating theatre and will afford Organic Flower with first-rate exposure to the next wave of cannabis alpha returns.”
Through its subsidiaries, International Cannabis has operational assets around the world.
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