VANCOUVER, British Columbia, Oct. 23, 2018 (GLOBE NEWSWIRE) -- ICC International Cannabis Corp. (CSE: WRLD)(FWB: 8K51)(OTC: KNHBF) ("ICC" or the “Company”) is pleased to announce it has acquired Polannabis Holdings (“Polannabis”). Polannabis, through its subsidiary, controls a Polish hemp processing and extraction licence. The licence permits the extraction and manufacturing of Cannabinoid (“CBD”) derived products from hemp. Polannabis has access to over 850 acres of premium hemp crops; estimated to produce up to 6,800 tons of material for CBD extraction.

UNIVERSITY RESEARCH COLLABORATION

Polannabis boasts an existing extraction and manufacturing facility, equipped with a proprietary Hydrocarbon extraction technologies. Polannabis’ operations are currently producing CBD isolates, distillates, bulk oils, paste and tinctures. Through its agreement with Maria Curie-Sklodowska University (“MCSU”), one of the largest universities in Poland, Polannabis has established superior post-processing separation protocols and testing procedures. The strategic, research and operational joint-venture with MCSU, located in Lublin, Poland, provides product testing, analytical services, as well as process and product development support.

EXISTING PRODUCT OFFTAKE AGREEMENT

Polannabis brings a highly experienced roster of engineering, scientific, logistics, marketing and sales personnel, as well as existing sales agreements in various European Union (“EU”) member countries. Polannabis has secured a monthly off-take agreement for 100 kilos of 99.9% CBD isolate. The off-take agreement will be initiated immediately upon the completion of its planned capacity and processing expansion. ICC’s immediate investment in Polannabis will increase its CBD extraction capacity to an initial run-rate of over 2,400,000 grams per year, prior to the Phase II build out which will begin in 2019.

TURNKEY DESIGN/BUILD CONTRACT

ICC has engaged Sababa Sciences (“Sababa”), an Israeli based cannabis company to design, build and oversee the expansion of Polannabis’ Polish assets. Sababa’s team has extensive experience in cannabinoid extraction, organic cultivation, product development and medical research.

Poland is the sixth most populous EU member state and collectively with Greece will function as ICC’s flagship European hemp cultivation and extraction hub. The EU has over 500 million potential consumers, affording ICC with a unique opportunity to service this high growth marketplace. The acquisition of Polannabis provides ICC with immediate revenue generation and the ability to leverage its European distribution network. ICC has an exclusive agreement with Cosmos Holdings (“Cosmos”), a European based pharmaceutical distributor, to procure and distribute medical cannabis products and all cannabis derivatives for clients of Cosmos in approved countries within its distribution network of 110 clients. Cosmos’ distribution network represents approximately 35,000 pharmacies across 16 countries.

Eugene Beukman, chief executive officer and director of ICC, stated: “ICC’s strategic acquisition of Polannabis plants yet another ICC flag in the EU. Polannabis brings a highly skilled workforce, proprietary extraction methodologies, as well as existing revenue generating supply contracts. The Company has acquired a world-class CBD extraction operation and looks forward to execution upon its Polish expansion plans with the assistance of Israeli based Sababa Sciences.”

In connection with the transaction, ICC will fund the current business for initial development and European expansion with a capital infusion, as well as make payments of CAD $2.5m and will issue 26,515,151 shares. A contingent consideration of up to CAD $2.5 million in cash to founding principals may be paid based on Polannabis achieving CAD $25 million in EBITDA by 2021. ICC plans to invest an additional CAD $2 million.

A finders fee is payable on the transaction.

ON BEHALF OF THE ICC INTERNATIONAL CANNABIS CORP BOARD OF DIRECTORS

“Michael Martinz”

Michael Martinz
President, Director
info@intlcannabiscorp.com

THE CSE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ACCURACY OR ADEQUACY OF THIS RELEASE.

Notice Regarding Forward Looking Information:

This news release contains certain "forward-looking information" within the meaning of applicable Canadian securities law. Forward-looking information is frequently characterized by words such as "plan", "continue", "expect", "project", "intend", "believe", "anticipate", "estimate", "may", "will", "potential", "proposed" and other similar words, or information that certain events or conditions "may" or "will" occur. This information is only a prediction. Various assumptions were used in drawing the conclusions or making the projections contained in the forward-looking information throughout this news release. Forward-looking information includes, but is not limited to: political changes in Canada and internationally, future legislative and regulatory developments involving cannabis in Canada and internationally, the Company’s ability to secure distribution channels in international jurisdictions, competition and other risks affecting the Company in particular and the cannabis industry generally.

The forward-looking information contained in this release is expressly qualified by the foregoing cautionary statements and is made as of the date of this release. Except as may be required by applicable securities laws, the Company does not undertake any obligation to publicly update or revise any forward- looking information to reflect events or circumstances after the date of this release or to reflect the occurrence of unanticipated events, whether as a result of new information, future events or results, or otherwise.