VANCOUVER, BRITISH COLUMBIA--(Marketwired - Nov. 23, 2017) - ICC International Cannabis Corporation ("ICC" or the "Company") (TSX VENTURE:ICC), a fully licensed producer and distributor of recreational cannabis and cannabinoid extracts used for medicinal purposes, is pleased to announce it has entered into a presale agreement (the "Agreement") with Brasliv through Brasliv Import and Export ("Brasliv") for a term of three years.
Brasliv is a Brazilian company based in Curitiba, Brazil and is focused on international commerce with a specialization in medical products. Brasliv has a reputation for efficiency and transparency when managing the international transport of goods and dealing with the required certifications and customs union procedures. Brasliv has been working with the Brazilian Health Regulatory Agency (Agência Nacional de Vigilância Sanitária or "ANVISA") for more than two years in order to obtain the requisite import permits for cannabidiol ("CBD") products such as ICC's newly launched, proprietary line of CBD oil branded 'BIDIOL'. Brasliv expects to receive authorizations for such imports by mid-2018.
Subject to ICC and Brasliv entering into a definitive agreement, and in accordance with the Agreement, Brasliv will purchase a minimum of 180,000 thirty millilitre bottles of BIDIOL per year for distribution for medicinal purposes.
In January 2017, the Brazilian health regulator, ANVISA, legalized the importation of cannabis-based products for medicinal purposes. Under Brazil's regulatory regime, these products require a prescription.
"This Agreement constitutes a major milestone for the CBD industry and ICC. Brazil is the 6th most populous country in the world (at 208 million) and major new market for CBD that is only just emerging. Brazil is extremely innovative in their use of CBD oil products for medical treatments. We are very excited about the possibility of accessing this prosperous market due to our many competitive advantages. Firstly, Uruguay, home to ICC's operations, neighbours Brazil and the two countries enjoy a robust trade relationship across a variety of good and services. Second, as both countries form part of the MERCOSUR commercial block, this will allow for the seamless transportation of goods across borders. Exports from Uruguay to Brazil in 2016 were for approximately U.S.$1.2 billion. Finally, because Brazil's regulatory regime does not permit cannabis production, we expect Brazil to rely on the importation of CBD oil, making this a key market for ICC. Low transport costs, geographic advantages, a pre-established commercial framework and the size of the Brazilian market make this deal a very promising and potentially transformative opportunity," commented Alejandro Antalich, Chief Executive Officer of ICC.
The Agreement remains subject to applicable regulatory approvals, including those from the TSX Venture Exchange (the "TSXV"), the Instituto de Regulación y Control del Cannabis, the Uruguayan Ministry of Health, the Uruguayan Ministry of Livestock, Agriculture and Fishery and applicable Brazilian authorities.
ABOUT ICC INTERNATIONAL CANNABIS CORPORATION
The Company has operations in Uruguay, and is focused on the licensed production, development and sale of recreational cannabis, cannabinoid extracts and other derivatives used for medicinal purposes and industrial hemp. For more information, please see the Company's filings on www.sedar.com and www.intcannabiscorp.com.
Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.
Certain statements in this press release constitute forward-looking information. All statements other than statements of historical fact contained in this press release, including, without limitation, those regarding the Company's future production and sales, results of operations, strategy, plans, objectives, goals and targets, and any statements preceded by, followed by or that include the words "believe", "expect", "aim", "intend", "plan", "continue", "will", "may", "would", "anticipate", "estimate", "forecast", "predict", "project", "seek", "should" or similar expressions or the negative thereof, are forward-looking statements. These statements are not historical facts but instead represent only the Company's expectations, estimates and projections regarding future events. These statements are not guarantees of future performance and involve assumptions, risks and uncertainties that are difficult to predict. Therefore, actual results may differ materially from what is expressed, implied or forecasted in such forward-looking statements.
Additional factors that could cause actual results, performance or achievements to differ materially include, but are not limited to: the Company and Brasliv's ability to obtain any requisite regulatory approvals, to produce CBD oil in accordance with regulatory requirements, or at all, and to reach a definitive agreement for the sale of CBD oil. Additional information identifying risks and uncertainties is contained in the Company's filings with Canadian securities regulators, and available at www.sedar.com. Management provides forward-looking statements because it believes they provide useful information to investors when considering their investment objectives and cautions investors not to place undue reliance on forward-looking information. Consequently, all of the forward-looking statements made in this press release are qualified by these cautionary statements and other cautionary statements or factors contained herein, and there can be no assurance that the actual results or developments will be realized or, even if substantially realized, that they will have the expected consequences to, or effects on, the Company. These forward-looking statements are made as of the date of this press release and the Company assumes no obligation to update or revise them to reflect subsequent information, events or circumstances or otherwise, except as required by law.
ICC International Cannabis Corporation
Chief Executive Officer