ICC International Cannabis Corp (CSE:WRLD.U) (OTCMKTS:WLDCF) has stepped up efforts to gain market share in the cannabis space.
In an update to investors Friday, the company talked up its medical cannabis and cannabidiol (CBD) portfolio.
Over the past three quarters, the Vancouver company has embarked on an aggressive acquisition strategy, which includes an agreement to acquire 49.9% of Wayland Group Corp’s international assets and license portfolio.
READ: ICC International Cannabis announces two strategic hemp deals, which will allow it to start fulfilling orders
“International Cannabis is uniquely positioned to capture significant market share as the European THC and CBD industries continue to mature,” said Eugene Beukman, CEO and a director of International Cannabis. “We have tactically secured cornerstone assets in Denmark and Germany – jurisdictions armed with broad insurance coverage, affording the company the ability to realize substantially higher margins, while insulating our operations from margin compression.”
Upon the closing of the Wayland deal, ICC will boast an array of new operations, partnerships, licenses and assets.
On the list of what it will acquire are a German medical cannabis import license as well as a Danish medical THC cultivation and manufacturing facility. It will also gain an 820,000 square foot production facility in Ebersbach, which is just outside of Dresden, Germany.
The Wayland partnership will help to widen ICC’s business across continental Europe as it will also provide a Polish hemp processing and extraction license; a Portuguese hemp cultivation and processing license; a Maltese license to manufacture medical cannabis; a license in Bulgaria for the production, manufacturing and export of hemp and medical cannabis; and a 60,000 square foot Swiss cannabis cultivation facility.
The company is moving into Africa too, with the gaining of licenses for medical cannabis cultivation, manufacturing, distribution and import/export in the Kingdom of Lesotho. It is also picking up supply agreements to provide cannabis products to over 2,800 independent and corporate pharmacies across South Africa.
Colombia is in its sights as well, as ICC is securing licenses for THC/CBD production, extraction and export in the country.
Lastly, the company is looking to acquire medical cannabis licenses in the UK, Australia and Argentina.
ICC International Cannabis shares closed up 2.8% to hit C$0.36 on Thursday.
Contact Ellen Kelleher at [email protected]