Company has entered into a definitive agreement with VendaPharm EU LLC (“VendaPharm”) to acquire 100 per cent of VendaPharm’s issued and outstanding shares.
VANCOUVER, British Columbia, June 06, 2019 (GLOBE NEWSWIRE) — ICC International Cannabis Corp. (CSE: WRLD.U)(FWB: 8K51)(OTC: WLDCF) (“ICC” or “International Cannabis” or the “Company”) is pleased to announce the Company has entered into a definitive agreement with VendaPharm EU LLC (“VendaPharm”) to acquire 100 percent of VendaPharm’s issued and outstanding shares.
By way of an exclusive distribution and software licensing agreement, VendaPharm controls the international rights to a proprietary THC/CBD dispensing technology and kiosk (the “Vending Machine”), designed to facilitate a contemporary, intuitive and educational purchasing experience for the modern THC/CBD consumer.
The Vending Machine is equipped with comprehensive inventory management software, as well as industry-leading payment-processing infrastructure, which permits the ready acceptance of both debit and credit cards, in addition to fiat currency.
VendaPharm’s proprietary THC/CBD dispensing technology and kiosk is fully customizable and is equipped with: Facial recognition software and camera;High definition LED customer interface boasting product display and advertising capabilities, thus generating accretive revenues during non-peak hours;Secure and sanitary delivery bay;Temperature controlled storage;Data aggregation and analysis features; and, Hidden locks, keyless entry and silent alarms; The Vending Machine’s sizable high-definition LED display can be programmed to provide detailed product information, allowing for an informed purchasing decision.
Concepts of VendaPharm’s THC/CBD dispensing technology and kiosk can be viewed at the below URL: https://intlcannabiscorp.com/vendapharm/
International Cannabis plans to deploy the Vending Machine into high traffic retail end points and pharmacies across its European downstream network; with the objective of affording the end consumer streamlined access to a variety of branded THC/CBD stock keeping units (“SKUs”), including: CBD performance products;Therapeutic relief balms;Patented Vesisorb formulations that have been demonstrated to increase absorption of fat-soluble drugs, including CBD, by up to seven times, compared with those without CBD-infused roll-ons and healing sticks- engineered for optimal topical absorption;Hemp oil derived cosmetics with anti-aging properties;Pet-centric CBD soft gels and tinctures;CBD vaporizes; and,Cannabis-light pre-rolled cigarettes.
The Company is also aggressively developing a portfolio of cannabidiol-derived health and wellness SKUs for automated distribution throughout Europe, under the Marilyn Monroe®, Elvis Presley®, Greg Norman®, Tretorn®, Aéropostale®, Thaila® and Frederick’s of Hollywood® brands.ICC will leverage these widely recognized and trusted powerhouse brands that are already prominently featured on thousands of store shelves across Europe, further enhancing ICC’s opportunity to capture significant share in the following rapidly growing lifestyle and wellness categories:Active/Outdoor: Greg Norman®, Thalia®, Marilyn Monroe®, Tretorn®;Beauty and Cosmetics: Marilyn Monroe®, Thalia®, Elvis Presley®, Frederick’s of Hollywood®;Wellness and Supplements: Greg Norman®, Marilyn Monroe®;Foot Care: Tretorn®, Greg Norman®;Health and Wellness: Greg Norman®, Aéropostale®, Tretorn®;Lifestyle: Elvis Presley®, Aéropostale®, Marilyn Monroe®, Thalia®, Frederick’s of Hollywood®;Pet: Elvis Presley®, Greg Norman®, Marilyn Monroe®, Tretorn®;Remedy: Greg Norman®, Aéropostale®, Tretorn®; and,Sexual Wellness: Elvis Presley®, Frederick’s of Hollywood®, Marilyn Monroe®;
David Shpilt, Chief Executive Officer of International Cannabis stated: “The integration of VendaPharm’s proprietary THC/CBD dispensing technology and kiosk into our existing network of 80,000 retail endpoints and pharmacies will permit ICC with the ability to rapidly scale the introduction of ICC branded SKU’s into the burgeoning European market place.
Activations through the vending machine can be counted on to expedite demand for ICC products for B2B distribution, as well as brand/media awareness. More people than ever, including millennials, are choosing convenience stores as their primary source of produce; ICC seeks to place vending machines in these high traffic locales, particularly chains or franchises along major thoroughfares. After successful vending machine activation at the Women in Medical Cannabis conference in London, UK, May.18/19th, 2019, ICC prepares to roll out this innovative dispensing technology across high-density chains and retail locations throughout Europe”.
It is anticipated that the deployment of the Vending Machine across ICC’s distribution channels will reduce staffing costs, improve accountability, optimize retail space and minimize inventory slippage, all while affording consumers an unobtrusive and technological superior option to purchase desired THC/CBD SKUs.The Company is also pleased to announce to the appointment of Mr. Peter Nguyen to its board of directors. Mr. Nguyen currently acts in the capacity of Chief Financial Officer of International Cannabis.
International Cannabis also announces the resignation of Mr. Michael Martinz as President and a Director of the Company. ICC would like to sincerely thank Mr. Martinz for his many years of services to date and wishes him the best of luck with his future endeavours. The company also announces that it has applied to the Canadian Securities Exchange (“CSE”) for approval to extend the expiry dates of certain common share warrants issued as part of a non-brokered private placement that closed on June 20, 2018.
The current listed expiration date of the warrants is June 20, 2019, and, if the application is approved, it will be extended an additional twelve months for a newly proposed expiration date of June 20, 2020.All other terms and conditions of the warrants, including the exercise price of $1.00, remain unchanged.On Closing, ICC shall issue to the Vendors an aggregate number of ICC shares equal to $2 million, where each ICC share has an attributed value equal to the five (5) day volume weighted average price (“VWAP”) of an ICC Share on the Exchange prior to the date of issuance (the “Closing Payment Shares”).
When issued, 50% of the Closing Payment Shares will be subject to a hold period of six months from the date of issuance and the remaining 50% of the Closing Payment Shares will be subject to a hold period of twelve months from the date of the issuance.The Company many also issue additional shares upon the achievement of certain forward looking milestones. A Finder’s fee will be paid on the transaction.
ABOUT INTERNATIONAL CANNABIS
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 the United Kingdom, Denmark, Poland, Switzerland, Germany, Macedonia, Bulgaria, Serbia, Croatia, Greece, Italy, Portugal, Malta, Colombia, Argentina, Australia, South Africa and Lesotho.
ON BEHALF OF THE ICC INTERNATIONAL CANNABIS CORP BOARD OF DIRECTORS
Chief Executive Officer
+001 (604) 687-2038
For ICC French inquiries:
Remy Scalabrini, Maricom Inc.
T: +001 (888) 585-MARI
Investor Relations Contact:
+001 (416) 597-5769
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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.