VANCOUVER, British Columbia, March 25, 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 its inclusion in the Horizons Medical Marijuana Life Sciences ETF (TSX: HMMJ) (the "ETF") as part of the quarterly rebalance of the constituent holdings of HMMJ. Inclusion in the ETF is as a significant milestone for ICC, as the Company continues to establish itself as the world’s premier, vertically integrated pure cannabis play.
According to Horizons ETFs, "As at September 5, 2018, HMMJ had reached over C$1 billion in assets under management, a rare achievement for the Canadian ETF marketplace." 1
Eugene Beukman, Chief Executive Officer and a Director of International Cannabis, stated: “We are elated to be included in the HMMJ; the largest cannabis focused ETF offering direct exposure for investors to North American life sciences companies. International Cannabis is at the epicentre of the global cannabis industry and is uniquely positioned to capture significant market share as the global THC and CBD industries continue to mature.
“The Company will continue to optimize its upstream, downstream and distribution capabilities while integrating operational best practices into its medical plant production, extraction, active pharmaceutical ingredient isolation and finished dose manufacturing operations.”
HMMJ seeks to replicate, to the extent possible, the performance of the North American Marijuana Index (the "Index"), net of expenses. The Index is designed to provide exposure to the performance of a basket of North American publicly listed life sciences companies with significant business activities in the marijuana industry.
Only stocks that meet minimum asset and liquidity thresholds are eligible for inclusion in the Index. Stocks are rebalanced quarterly on a market-capitalization basis and capped so that no single stock can exceed 10% of the weight of the Index when rebalanced.
ICC also announces that under the terms of its previously announced licensing agreement with Authentic Brands Group (“ABG”), the Company will issue common shares of ICC with a value of US$2 million to ABG. The Company will also issue common shares of ICC with a value of US$15 million to Cannabis Lifestyle Partners (“CLP”). The valuation of the shares will be based upon the five day VWAP of ICC’s common shares for the five trading sessions prior to the announcement of the licensing agreement.
International Cannabis also clarifies that it has the option to extend its initial 10-year agreement with ABG for an additional 40-year term.
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
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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.