ICC International Cannabis Corp (CSE:WRLD.U) (OTCMKTS:WLDCF) said Thursday that it has inked an exclusive supply and commercial rights agreement with medical cannabis company NUBU Pharmaceuticals in New Zealand.
Under the terms of the agreement, the Vancouver-based cannabis company will supply NUBU with a suite of full-spectrum pharmaceutical grade medical cannabis products including:
• Packaged and labelled medical cannabis including oil/tincture and capsules in finished goods form
• ICC branded, co-branded and/or ICC labelled medical cannabis products under development including but not limited to cannabis oil, capsules, transdermal patches, oral sprays, inhalers and vaporizing cartridges
• Hemp derived CBD adhering to the international standard of less than 0.3% THC, in both bulk form - which includes CBD isolate, CBD distillate - full spectrum oil and finished goods
The company said it will leverage its European GMP-certified processing facilities and extraction ready inventories to maximize margins and profitability, while servicing New Zealand’s high value patient population.
A match made in heaven
“ICC’s exclusive supply and commercial rights agreement with NUBU successfully catapults the company into yet another high-value medical cannabis jurisdiction,” said International Cannabis CEO David Shpilt in a statement.
Shpilt noted that "the marriage” of the company’s product formulation capabilities and extensive CPG/branded product market entrance experience, coupled with NUBU’s CBD/THC distribution infrastructure would drive brand loyalty, while addressing medical conditions within the Asia-Pacific theatre.
Founded in 2017, NUBU Pharmaceuticals is a first mover within New Zealand’s high-value medical cannabis industry. Earlier this year, NUBU received a license to deal in controlled drugs by New Zealand’s Ministry of Health, as well as a license to sell medicines wholesale, which will allow the company to import and distribute ICC manufactured THC/CBD products ahead of other local market participants.
In collaboration with NUBU, the company is also in discussions about the distribution of a number premium medicinal and wellness products from New Zealand to export markets internationally. Shpilt said ICC now has supply, distribution and commercial rights agreements with a host of high-profile cannabis operators across a variety of regions primed for exponential growth such as India, Germany, New Zealand and Colombia.
Separately, the company also said it has issued 318,757 shares to JYT Partners Limited for services rendered. The shares are being issued as a shares for services transaction.
ICC is developing cultivation platforms for extraction, formulation and distribution of cannabis and has operating assets in the UK, Europe, Australia, South America and Africa.
Contact Uttara Choudhury at [email protected]