ICC International Cannabis Corp (CSE:WRLD.U) (OTCMKTS:KNHBF) is set to launch a European-wide medical cannabis insurance plan.
The Vancouver-based cannabis-focused company has entered into a letter of intent with a consortium of Evergreen Pacific Insurance Corp and Cannops Consulting to form a joint venture to launch the former's revolutionary BuyWell Ecosystem.
BuyWell.com provides access to over 10,000 quality health and wellness products and affordable healthcare coverage options via its BuyWell Care program -- Canada's first guaranteed healthcare coverage for medical cannabis prescriptions launched in 2018.
The roll-out in Europe will include the "first of its kind" coverage for cannabinoid therapeutic treatment using a proprietary pricing methodology.
It will also offer streamlined access to top-tier alternative healthcare services.
"International Cannabis controls medical cannabis and CBD production licenses in 12 European counties and is now poised to offer comprehensive alternative insurance coverages and healthcare solutions in its respective jurisdictions," said Eugene Beukman, the CEO and director at ICC.
The company is ecstatic now to participate in virtually every link of the medical cannabis value chain, from production to distribution to healthcare service and insurance coverage.
Beukman described the move as a "transformative evolution" that provides a full-service solution to encourage and to promote collective health and wellness.
"Evergreen Pacific has successfully proven the BuyWell ecosystem here in Canada, and together with the assistance of International Cannabis and Cannops will translate this success into the EU," he added.
Built on three pillars
The new European BuyWell Ecosystem will be built on three pillars covering the spectrum of medical cannabis and CBD marketplace, from distribution to education to insurance coverage.
"As the medical cannabis industry continues to mature, International Cannabis and its partners will be at the forefront delivering associated ancillary services," said Beukman.
International Cannabis and Cannops will identify countries in Europe in which the BuyWell.com Ecosystem can be replicated, a business to business (B2B) ventures and or business to consumer (B2C) ones, and will establish joint ventures with Evergreen Pacific for those countries in which the partners agree medical cannabis can be prescribed and sold.
The European Union (EU) has more than 500 million potential consumers and over 1.6 million health care practitioners, which gives the consortium a lucrative marketplace in which to integrate the BuyWell.com Ecosystem.
The EU had annual healthcare expenditures of $1.79 trillion in 2018.
Shares in ICC International Cannabis Corp rose 2.4% in Toronto to $0.43, while in New York, they were unchanged at $0.42.