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International Cannabis acquires second THC/CBD pharmacy operation in Colombia

ICC said it will pay C$230,000 to acquire Grupo Pharma Colombiano’s pharmacy as well issue 15 million common shares to the company's shareholders
cannabis
The acquisition strengthens ICC's footprint in Colombia’s burgeoning medical cannabis industry

ICC International Cannabis Corp (CSE:WRLD.U) (OTCMKTS:WLDCF) announced Thursday that its has acquired a second brick-and-mortar pharmacy operation in Colombia.

The company said it will pay C$230,000 to acquire Grupo Pharma Colombiano Inc’s pharmacy as well as issue 15 million common shares to Grupo Pharma’s shareholders.

Grupo Pharma controls 75% of the pharmacy operation that sells both THC and CBD products. It is located in the “El Poblado” area of Medellin, and will help the Canadian company strengthen its footprint in Colombia’s burgeoning medical cannabis industry, according to a statement.

READ: International Cannabis to acquire AgraFlora’s Colombian pharmacy operation for $250,000 in stock

“The astute acquisition of Grupo Pharma furthers our mandate in bolstering distribution touch-points, as well as solidifying early mover advantages in burgeoning cannabis locales, such as Colombia,” said CEO David Shpilt. “According to a report by New Frontier Data, the total addressable Latin American cannabis market represents approximately US$9.8 billion and accounts for 600 million people, further validating Colombian’s high-profile market opportunity.”

Last month, ICC inked a pact to acquire AgraFlora Organics International Inc’s (CSE:AGRA) (OTC: PUFXF) Colombian pharmacy operation, Farma Swiss SAS, for $250,000 in stock.

ICC also said Thursday it plans to acquire “eight additional locations” in Colombia by the end of fiscal 2019.

The Vancouver-based company also said it will beef up out-reach programs with Colombian doctors, corporations and universities.

ICC’s stock trades around US$0.20 on the OTC Markets and in Canada.

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