International Cannabis Enters into Joint Venture to Expand Genetics Catalogue by Over 300 ICA Registered Strains
VANCOUVER, British Columbia, Dec. 20, 2018 (GLOBE NEWSWIRE) — ICC International Cannabis Corp. (CSE: WRLD)(FWB: 8K51)(OTC: KNHBF) (“ICC” or “International Cannabis” or the “Company”) is pleased to provide the following material progress updates pertaining to its Colombian medical Cannabis operations:
- Joint Venture with Estrella Verde SAS, expanding its registered genetics catalogue by an additional 300 strains;
- Successful characterization of initial ten strains by the Colombian Agricultural Institute (“ICA”); and
- Finalization of inaugural Colombia test crop.
International Cannabis holds licences to cultivate, produce, hold, sell and export cannabis and its by-products (see ICC news release dated November 15, 2018). International Cannabis previously acquired 13 hectares of optimal agricultural land located in Funza, the heart of the Bogota savanna, which is also one of the safest areas in Colombia. The Company’s property is conveniently located within a 20-kilometre drive to Bogota’s international airport. The lease on this land has been prepaid for a period of 10 years.
Colombia has become a highly sought-after jurisdiction for cannabis cultivation activities due to its ideal growing conditions, public and private sector acceptance, as well as a sizable addressable market.
ESTRELLA VERDE SAS JOINT VENTURE
International Cannabis has entered into a joint venture with Estrella Verde SAS (“Estrella”), whereby the Company will gain access to over 300 registered genetic strains. The aforementioned strains have been registered with the ICA and are known to have passed ICA characterization-testing protocols.
International Cannabis will initially leverage these strains to cultivate mother plants, generate clones and build out its nursery operation, thus greatly expediting growth cycles and optimizing desired phenotypes. With this joint venture, International Cannabis now has access to over 430 laboratory-tested cannabis strains. These unique craft strains will allow for the continued differentiation of the Company’s brand, in an increasingly generic and homogenized market.
TEST CROP AND STRAIN CHARACTERIZATION
International Cannabis is also pleased to report that the Company has successful passed the characterization protocols relating to its first ten Cannabis strains. The Company plans to present these results to the ICA in the New Year. International Cannabis expects to receive its final production quotas from the ICA in the first half of 2019.
In addition, International Cannabis is pleased to convey that it has begun working towards planting its inaugural test crop. The test crop will be housed in a previously erected greenhouse, located on the Company’s 13-hectare property.
ENIGMA RE-BRANDING INITIATIVES
International Cannabis has completed its re-branding initiatives relating to its Portuguese hemp and cannabidiol (“CBD”) operations. Enigma Unipessoal Lda. (“Enigma”), a wholly owned subsidiary of International Cannabis, controls a Portuguese hemp cultivation and processing licence. This licence also permits the import/export of hemp-derived products. Enigma successfully harvested and extracted its first hemp crop in 2015, and has become a notable importer of proprietary hemp seeds.
This licence authorizes International Cannabis to cultivate hemp on 400 acres of fertile agricultural land located in the Castelo Branco region of Portugal. The Company’s Portuguese hemp operations are estimated to yield 45,000 kilograms of finished, extracted pure CBD isolate product per annum, and a full operating team and infrastructure is in place.
The Company encourages all current and potential shareholders to visit the website and explore Enigma’s rebranding and redesign initiatives. Enigma’s re-branded website can be viewed online at http://www.enigmacannabis.com/.
ON BEHALF OF THE ICC INTERNATIONAL CANNABIS CORP BOARD OF DIRECTORS
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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.