International Cannabis Issued First-Ever Cannabis Cultivation License to Be Issued in the Hellenic Republic of Greece

by on 10 October 2018

ICC International Cannabis Corp. is pleased to announce it has been granted a medical cannabis cultivation licence by the Greek government, superseding and augmenting its existing Hemp license. The licence grant is a conditional pre-approval for medical Cannabis cultivation in the Greek prefecture of Imathia.

ICC controls a 16-acre land package situated in northern Greece, which will be dedicated to medical grade cannabis cultivation, extraction, distribution, as well as research and development. Greece boasts over 300 days of unadulterated sunshine per year, resulting in attractive climate for outdoor Cannabis cultivation. ICC’s distribution network of approximately 35,000 pharmacies throughout 16 countries will complement the company’s Greek cultivation capabilities.

Greece is a European Union (“EU”) member country and will operate as ICC’s southern European cultivation and production hub. The EU has a population of over 500 million, affording ICC with a unique opportunity to service this high-growth marketplace. The service and tourism sectors amount to the majority of Greece’s economic output, contributing close to 85 per cent of annual gross domestic product. Approximately 16.5 million tourists visit Greece each calendar year.

Eugene Beukman, chief executive officer and director of ICC, stated: “Receipt of the first medical Cannabis cultivation licence to be issued by Greece represents a strong endorsement of the Company’s seed to sale initiatives globally, and in the EU in particular. This is a material milestone for both the industry and the Company, of which International Cannabis is very proud. Greece is a favoured tourist destination, which ICC believes could be the next great Cannabis holiday haven abroad. ICC’s Greek contingent has been working towards this licence for the past 18 months and has built long-term relationships with local officials and government ministers. Through collaboration with ICC, Greece is presented with a unique opportunity to expedite the realization of the benefits of a legalized cannabis industry.”

In connection with the transaction, ICC will pay US $200,000 in cash and will issue 12,000,000 shares. A finders fee is payable on the transaction.