VANCOUVER, British Columbia, Jan. 10, 2019 (GLOBE NEWSWIRE) — ICC International Cannabis Corp. (CSE: WRLD.U) (FWB: 8K51) (OTC: KNHBF) (“ICC” or “International Cannabis” or the “Company”) is pleased to provide the following updates pertaining to Denmark’s Cannabis export regulations, as well as Auxly Cannabis Group Inc.’s (TSXV: XLY) (“Auxly”) acquisition of licensed Uruguayan Cannabis operator and CBD distributor, Inverell SA.
DANISH EXPORT REGULATIONS
On January 1, 2019, the Government of Denmark implemented an executive order authorizing the bulk shipments of medical Cannabis. Bulk exports of Danish medical Cannabis are now permitted in any form and quantity, provided the requisite permits are obtained. This executive order builds on preliminary Danish export regulations adopted in 2018, which allowed for single-dosage medical Cannabis exports.
Eugene Beukman, chief executive officer and a director of International Cannabis, stated: “The Kingdom of Denmark is emerging as the preeminent European jurisdiction for medical Cannabis cultivation. International Cannabis applauds Denmark’s recent executive order, which permits bulk shipments of medical Cannabis.
This recent executive order further reinforces the Company’s opinion that it holds one of the few Danish medical Cannabis licenses; and that these licenses have become premier European Cannabis assets, given the access allowed to the EU by Denmark’s recently revised export regulations.”
AUXLY – INVERELL SA ACQUISITION
International Cannabis is pleased to note that Auxly’s acquisition of 80 per cent of the outstanding common shares of Inverell SA (“Inverell”) has been finalized. In September 2018, Auxly completed a $5 million strategic investment into International Cannabis.
“The marriage of Auxly’s anticipated low-cost Uruguayan production with International Cannabis’ significant European distribution provides a fantastic synergy for the partnership.” stated Eugene Beukman.
Inverell is a federally licensed cannabis operator based in Montevideo, Uruguay. Inverell is a large-scale outdoor producer of hemp plants for cannabidiol (CBD) extraction operating on an initial footprint of approximately 300 hectares. Inverell has recently commenced the planting of its feminized seeds on 150 hectares, which it expects harvest in April 2019.
Auxly’s acquisition of Inverell will allow for a consistent, low-cost source of cannabinoids for distribution throughout International Cannabis’ robust distribution network of over 36,000 pharmacies across 16 countries.
DENMARK SUMMARY
Denmark legalized medical cannabis on January 1, 2018, following a unanimous vote by the Danish parliament. Since legalization, the Danish government has displayed strong support for cannabis development, in the forms of research grants and tax incentives. Denmark has quickly evolved into a premier European jurisdiction for medical Cannabis cultivation due to the following:
- Motivated and stable government;
- Ample supple of low cost power;
- No medical Cannabis production cap or quotas;
- Access to skilled agricultural and manufacturing labour forces;
- Local plant breeding and genetics expertise;
- Well funded healthcare system
- Established retail pharmacy network for product distribution; and,
- Proximity to larger import-based markets, such as Germany, as well as the European Union;
International Cannabis controls a medical cannabis cultivation and manufacturing licence in the Kingdom of Denmark. The Company’s Danish assets mirror industry peers such as Canopy Growth Corp., Green Organic Dutchman Holdings, Aurora Cannabis Inc. and Canntrust Holdings.
On December 19, 2018, International Cannabis provided the following material progress updates pertaining to its Danish medical cannabis operations:
- Expansion of its Danish land parcel to 100 acres;
- Engagement of leading greenhouse engineering and manufacturing firm, Azrom (https://azrom.com/);
- Finalization of project plan and submission of building permits;
- Land development and infrastructure operations;
- Construction and validation of its planned GMP (good manufacturing practices) manufacturing facility;
- Continued augmentation of its seed/strain catalogue;
- Establishment of genetics room and completion of successful test sprouts.
AUXLY URUGUAY SUMMARY
In December 2013, Uruguay passed legislation legalizing recreational Cannabis, becoming the first country in the modern era to do so. Uruguay offers optimal, low-cost, and fertile growing conditions for Cannabis cultivation operations, married with a state-run dispensary and distribution model.
Uruguay’s Cannabis Regulation and Control Institute (IRCCA) and Ministry of Health govern the Country’s Cannabis industry. In 2018, the IRCCA approved new levels of recreational cannabis with THC equal to 9 per cent and CBD equal to 3 per cent.
Uruguay is equipped with a supportive government, as well as regulations conducive to a successful Cannabis industry.
ICC International Cannabis, through its subsidiaries, has operating assets and is developing a world-class platform for cultivation, extraction, formulation and distribution across the globe in Denmark, Poland, Greece, Portugal, Macedonia, Bulgaria, South Africa and the Kingdom of Lesotho.
ON BEHALF OF THE ICC INTERNATIONAL CANNABIS CORP BOARD OF DIRECTORS
“Eugene Beukman”
Eugene Beukman
CEO, Director
+1 (604) 687-2038
info@intlcannabiscorp.com
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Notice Regarding Forward Looking Information:
This news release contains certain “forward-looking information” within the meaning of applicable Canadian securities law. Forward-looking information is frequently characterized by words such as “plan”, “continue”, “expect”, “project”, “intend”, “believe”, “anticipate”, “estimate”, “may”, “will”, “potential”, “proposed” and other similar words, or information that certain events or conditions “may” or “will” occur. This information is only a prediction. Various assumptions were used in drawing the conclusions or making the projections contained in the forward-looking information throughout this news release. Forward-looking information includes, but is not limited to: political changes in Canada and internationally, future legislative and regulatory developments involving cannabis in Canada and internationally, the Company’s ability to secure distribution channels in international jurisdictions, competition and other risks affecting the Company in particular and the cannabis industry generally.
The forward-looking information contained in this release is expressly qualified by the foregoing cautionary statements and is made as of the date of this release. Except as may be required by applicable securities laws, the Company does not undertake any obligation to publicly update or revise any forward- looking information to reflect events or circumstances after the date of this release or to reflect the occurrence of unanticipated events, whether as a result of new information, future events or results, or otherwise.