Vancouver-based ICC International Cannabis Corp (CES: WRLD.U) (OTCMKTS: WLDCF) announced that it has reached agreement with Vancouver-based Organic Flower Investments Group Inc. (CSE: SOW) for access to European cannabis market. Details emerging from the agreement shows that Organic Flower will have access to ICC’s European distribution network which includes over 80,000 retail locations and pharmacies across the globe as well as the commercial rights to process and finish their cannabis products at ICC’s GMP-certified facilities.
In return, Organic Flower will pay royalties to ICC based on net sales the company makes through ICC’s distribution networks. Following the announcement, ICC’s shares jumped by 3.9% at the Canadian Securities Exchange to sit at C$0.27. ICC has a significant distribution network across 16 European countries. The company also offer other services like regulatory representations, product registration, warehousing, and procurement.
In a statement concerning the deal, Joel Dumaresq, the CEO of Organic Flower said, “International Cannabis’s deep-seated understanding of European import and export regulations, coupled with its robust distribution channels provides Organic Flower with a springboard to expedite the placement of its unique product portfolio on European shelves. ICC’s down line distribution footprint is unmatched within the European THC and CBD operating theatre and will afford Organic Flower with first-rate exposure to the next wave of cannabis alpha returns.”
Organic Flower has products like dried cannabis flower, CBD-infused pain relief creams, as well as edibles and beverages. Hence, Organic Flower has the potential to increase their sales and cannabis footprint in Europe by leveraging on ICC’s distribution networks. ICC also has operational assets around the world through its subsidiaries.
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