VANCOUVER, British Columbia, May 21, 2019 (GLOBE NEWSWIRE) -- ICC International Cannabis Corp. (CSE: WRLD.U)(FWB: 8K51)(OTC: WLDCF) ("ICC" or “International Cannabis”) applauds today’s announcement by Wayland Group Corp. (“Wayland”) that its joint venture DEMECAN GmbH (“DEMECAN”), of which Wayland holds 50% with an option to increase to 60% has been awarded three lots of domestic cannabis production in Germany by the Federal Institute for Drugs and Medical Devices (“BfArM”), after the withdrawal of a competitor’s complaint following an oral court hearing.   

DEMECAN has been awarded three lots of thirteen total, solidifying DEMECAN as one of three companies globally to achieve a German cannabis license for domestic production, out of 79 applicants. DEMECAN will now begin production within Wayland’s 820,000 square foot Ebersbach facility, following completion of upgrades to quality and security systems.

In addition, the Company is pleased to announce that Wayland GmbH has received its narcotics license from the Bundesopiumstelle, the narcotics division of BfArM.

International Cannabis and Wayland have signed a definitive agreement to sell a 49.9-per-cent interest in Wayland's international portfolio of assets to ICC. The terms of the definitive agreement are consistent with the letter of intent that was announced on Jan. 15, 2019.

In addition, under the proposed transaction, ICC and Wayland will sign a three-year supply agreement with that will supply the Company with 10,000 kilograms of European Union good-manufacturing-practice-certified product per year, for a total of 30,000 kilograms during the term.

The Companies anticipate that the transaction will close in the coming days.

ABOUT INTERNATIONAL CANNABIS

ICC International Cannabis, through its subsidiaries, has operating assets and is developing a world-class platform for cultivation, extraction, formulation and distribution across the globe in the United Kingdom, Denmark, Poland, Switzerland, Germany, Macedonia, Bulgaria, Serbia, Croatia, Greece, Italy, Portugal, Malta, Colombia, Argentina, Australia, South Africa and Lesotho.

ON BEHALF OF THE ICC INTERNATIONAL CANNABIS CORP BOARD OF DIRECTORS

“David Shpilt”

David Shpilt
Chief Executive Officer
+001 (604) 687-2038
info@intlcannabiscorp.com

Investor Relations Contact:
kris@intlcannabiscorrp.com
+001 (416) 597-5769

For ICC French inquiries:
Remy Scalabrini, Maricom Inc.
E: rs@maricom.ca T: +001 (888) 585-MARI

Learn more about ICC by visiting our website at: https://intlcannabiscorp.com/

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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.