ICC added that it actively investigating complementary pharmacy related assets within Colombia that may serve as synergistic accompaniments to its acquisition of Farma Swiss.

Under the LOI, International Cannabis will issue AgraFlora a number of common shares in the capital of ICC that equals to $250,000, based upon the five-day variable weighted average price of ICC’s common shares for the five trading sessions prior to the announcement of an agreement.

“This strategic transaction further crystalises our alliance with ICC with regards our collaborative pursuit of the burgeoning global cannabis industry,” said Brandon Boddy, Chairman and Chief Executive Officer of AgraFlora Organics International.

“Monetising our flagship pharmacy operation through a trusted ally permits us to streamline our international cannabis operations while focusing on the continued retrofit of our world-class greenhouse complex in Delta, BC. We are excited to be increasing our shareholdings in ICC as they continue to execute upon their international business mandate and embark upon realising material cash flows,” he added.

“By integrating Farma Swiss’ intuitive pharmacy platform with our 13-hectare cannabis centre of excellence and preeminent catalogue of native Colombian cannabis genetics, ICC will continue to solidify its leadership position within Colombia’s highly competitive medical cannabis marketplace, while streamlining patients access to our unique formulations,” said David Shpilt, Chief Executive Officer, International Cannabis Corp.

The agreement provides International Cannabis with a Latin American brick-and-mortar presence, as well as an existing commercial agreement, further augmenting its tetrahydrocannabinol (THC) and cannabidiol (CBD) cultivation capabilities and logistical infrastructure.

ICC’s addition of a premier downstream Colombian asset conceives a compliant and secure platform for the distribution of medical cannabis and cannabinoid-derived products within Colombia.

Farma Swiss is part of Pure Grow Medicinals S.A.S. It operates a licensed pharmacy strategically situated within a high traffic, commercial neighbourhood of Medellin, Colombia.

The post ICC to buy AgraFlora’s Colombian pharmacy operation first appeared on The Malta Business Weekly.

Under the terms of the agreement, AgraFlora will retain the rights to the genetics library for its own uses within North America, granting International Cannabis with exclusive rights elsewhere internationally. In consideration for the transfer of the genetics library, ICC will issue one million common shares to AgraFlora. The valuation of the shares will be based upon the five-day VWAP of ICC’s common shares for the five trading sessions prior to the announcement of the agreement, according to the press statement.

In May 2018, AgraFlora formed a subsidiary: Pure Grow Medicinals S.A.S. Pure Grow, to pursue cannabis cultivation and genetics opportunities in Colombia. Pure Grow is transferring to International Cannabis a library consisting of 20 unique strains that include both prominent tetrahydrocannabinol (THC) and cannabidiol (CBD) varietals, including strains such as Caucana, Purpura, Medellin Gold and Maroc, the press statement says.

The companies say that their genetics portfolio consists of “rare, native cannabis strains from the regions of Valle del Cauca, Cauca, Magdalena and Antioquia in Colombia,” the press statement records.

“This partnership further equips International Cannabis with the ability to provide highly coveted Colombian cannabis flower to its global distribution network of approximately 39,000 pharmacies and retail outlets,” said Eugene Beukman, Chief Executive Officer and a Director of International Cannabis. “The transfer of these native Colombian strains will also allow for the continued differentiation of the International Cannabis brand in an increasingly generic and homogenized market,” he added.

“Pure Grow has assembled a unique genetic library of cannabis native to Colombia which we believe is poised to become a valuable asset for our company,” said Derek Ivany, President & CEO, AgraFlora Organics International Inc. “With the aim of maximizing the value of our genetics portfolio, we have confidence in our new partnership with ICC as they have built an extensive infrastructure across the value chain in the international cannabis marketplace. Their vast international presence consists of distribution networks and various licenses in multiple jurisdictions that will assist in introducing our genetics library to the marketplace,” he added.

The post AgraFlora to transfer portfolio to International Cannabis first appeared on The Malta Business Weekly.