International Cannabis Increases European Distribution Footprint by Over 1,300 Pharmacies
ICC International Cannabis Corp. (CSE: WRLD.U)(FWB: 8K51)(OTC: KNHBF) (“ICC” or International Cannabis or the Company) is pleased to announce that its exclusive European distribution partner, Cosmos Holdings, Inc. (Cosmos), has acquired Greek pharmaceutical wholesaler, Cosmofarm Ltd. (Cosmofarm).
Established in 1994, Athens based Cosmofarm provides a comprehensive range of pharmaceutical products to over 1,130 pharmacies. Cosmofarm has been authorized and endorsed by Greece’s National Organization for Medicines under Good Distribution Practices to distribute over-the-counter pharmaceuticals, natural and health food supplements, as well as branded and generic medicines.
Cosmofarm is equipped with an extensive supplier network of approximately 250 pharmaceutical manufacturers and realized sales of nearly US$14 million for the fiscal year 2017. Cosmofarm is in the process of relocating its operations to a new 32,000 square foot facility, increasing its manufacturing capacities by 2,000%. The facility’s state-of-the-art manufacturing operations include a robotic fulfillment center and will significantly improve Cosmofarm’s scaling and distribution capabilities.
Eugene Beukman, chief executive officer and a director of International Cannabis, stated: International Cannabis applauds the acquisition of Cosmofarm, which further augments the Company’s robust European distribution capabilities. Cosmofarm is a rapidly growing wholesaler with embedded shared-values of innovation and high-quality distribution. This transaction is once again demonstrative of International Cannabis’ mandate of creating sustainable shareholder value, through the strategic acquisition of revenue generating assets. The Company will leverage Cosmofarm’s distribution channels and robotic fulfillment centre to facilitate its growing pipeline of purchase orders in 2019.
International Cannabis will market and sell its cannabis and cannabidiol (CBD) products throughout the 28 eligible member states of the European Union (EU). The EU has over 500 million potential consumers, affording International Cannabis a unique opportunity to service this high-growth marketplace.
Furthermore, the Company plans further leverage Cosmofarm’s 32,000 square foot facility to manufacture and distribute white-labeled CBD products from its Greek industrial hemp cultivation operations. International Cannabis controls three hemp licences spanning a total of 16 acres situated within the Greek prefecture of Imathia. These licences permit the Company cultivate, manufacture, distribute and export industrial hemp and its many CBD derived extracts. Greece boasts over 300 days of unadulterated sunshine per year, resulting in attractive climate for outdoor industrial hemp cultivation.
International Cannabis will leverage Cosmos Holdings Inc.’s robust distribution network, representing approximately 36,130 pharmacies to market and sell its cannabis and CBD products. The Company, through its wholly owned subsidiary Marathon Global Inc., has an exclusive agreement with Cosmos, a European-based pharmaceutical distributor.
Cosmos has a trans-European network of over 160 clients and vendors, which expands to 16 countries, including: Germany, United Kingdom, Ireland, United Arab Emirates, Denmark, Italy, France, Singapore, Spain, Lebanon, Skopje, Jordan, Sweden, Poland, the Netherlands and Greece. This European distribution network is augmented by various value-added services, including strategic procurement, warehousing, product registrations and regulatory representations.
International Cannabis, through its subsidiaries, has agreements in place for European-based pharmaceutical distribution, wholesale importation, and research and development, as well as licences to cultivate, produce, distribute, store and export cannabis, cannabis derivatives and industrial hemp in Colombia, Denmark, Poland, Greece, Portugal, Poland, Macedonia, Bulgaria, South Africa and the Kingdom of Lesotho.
ON BEHALF OF THE ICC INTERNATIONAL CANNABIS CORP BOARD OF DIRECTORS
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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.
Source: Globe Newswire