ICC International Cannabis Corp. (CSE:WRLD.U) (OTCMKTS:WLDCF) announced Friday it has completed a US$1.5 million strategic investment in Indus Cannabis Company Corporation, a private firm pursuing cannabinoid commercialization in India.
"It is estimated that over 600 million Indians experience symptoms derived from indications which medical cannabis may treat, remedy or ultimately alleviate,” said International Cannabis CEO David Shplit in a statement.
International Cannabis, based in Vancouver, British Columbia, noted that Indus Cannabis has made several moves already to position itself to eventually bring cannabinoid-derived pharmaceutical compounds to the Indian marketplace.
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The Canadian company noted that Indus Cannabis has entered into a three-year research and development partnership agreement with the Indian Institute of Integrative Medicine (IIIM), a premier national research institute under the Council of Scientific & Industrial Research of India (CSIR), that is dedicated to the discovery of pharmaceuticals derived from medicinal plants and microbial species.
IIIM and CSIR have mandated Indus Cannabis to lead efforts to detect cannabinoid-derived pharmaceutical compounds and bring them to market, International Cannabis said. Also, Indus Cannabis will work with Indian regulators to devise cannabis regulations centered on commercial production, import/export and distribution.
Indus Cannabis also anticipates it will win an Indian cannabis import/export license, which is expected to permit the export of certified medical cannabis to the European Union and the Asia Pacific region, International Cannabis said. Such a license will also enable the importation of select, high-value strains and tissue cultures from top European seed banks as well as Tier 1 Canadian licensed producers.
Once the Indian company gets the import/export license, International Cannabis said it will supply Indus Cannabis with up to 30 million grams of premium cannabis flower as well as bulk cannabis resin, bulk CBD isolate and bulk CBD distillate for research and development and eventual commercialization.
International Cannabis also said Indus Cannabis will build a factory to grown and package EU-compliant cannabis and that it has right-of-first-refusal to purchase a portion of Indus Cannabis’ cannabis production at cost plus 20% and will distribute the product in Europe. And once the license is granted, International Cannabis will have co-ownership of data derived from the company’s cannabinoid clinical trials and all cannabis product formulations developed by Indus Cannabis. And International Cannabis has been granted a call-option for further equity participation in IndusCann Private Ltd. for an additional US$4 million.
With a diversified portfolio of subsidiaries, International Cannabis has cultivation, extraction, formulation and distribution assets in the UK, Denmark, Poland, Switzerland, Germany, Macedonia, Bulgaria, Greece, Italy, Portugal, Malta, Colombia, Argentina, Australia, South Africa and Lesotho.
Shares of International Cannabis recently trade up 4.6% to US$0.27 on OTC markets.
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