VANCOUVER, British Columbia, Oct. 30, 2018 (GLOBE NEWSWIRE) -- ICC International Cannabis Corp. (CSE: WRLD)(FWB: 8K51)(OTC: KNHBF) ("ICC" or “International Cannabis” or the “Company”) is pleased to provide a corporate update pertaining to the continued development of its medical Cannabis and cannabinoid (“CBD”) portfolio.



Over the past two quarters, International Cannabis has continued to deploy an assertive acquisition strategy, with the objective of further bolstering its existing medical cannabis and CBD distribution capabilities. The Company will continue to concentrate on assembling a robust portfolio of international assets, specializing in the cultivation, extraction and distribution of medical Cannabis and CBD products.

International Cannabis plans to continue with its “buy-and-build” stratagem over the next twelve months; further substantiating its mission to become the first publicly listed, globally focused, vertically integrated, pure Cannabis Company. To date, International Cannabis has successfully assembled a portfolio of unique cultivation licences, spanning four countries and three continents. The Company continues to commit resources to further develop its assets, as well as advance regional relationships with governments and local consultants.

Eugene Beukman, chief executive officer and director of ICC, stated: “Over the past eight months International Cannabis has undergone a transformational shift, demonstrated by the expansion of the Company’s portfolio holdings. ICC believes it is a preeminent player in the evolving international Cannabis realm and looks forward to further illustrating exciting developments in the coming weeks.”

International Cannabis continues to evaluate potential Cannabis and CBD centric assets in a variety of high-growth jurisdictions, including but not limited to Uruguay, Portugal, Malta, Costa Rica, Seychelles, and Switzerland.

International Cannabis is pleased to report on the following cultivation licences, distribution assets and brands.

Polannabis Holdings

On October 23, 2018 the Company acquired Polannabis Holdings. Polannabis, through a 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.

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-per-cent-CBD isolate. The offtake 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 2.4 million grams per year, prior to the phase 2 buildout, which will begin in 2019.

Polannabis boasts an existing extraction and manufacturing facility, equipped with proprietary hydrocarbon extraction technologies. Polannabis's 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 postprocessing separation protocols and testing procedures. The strategic, research and operational joint venture with MCSU, located in Lublin, Poland, provides product testing and analytical services, as well as process and product development support.

Danavian Cannabis Ltd.

On August 28, 2018 International Cannabis entered into a definitive agreement with Danavian Cannabis Ltd. to acquire 100 per cent of Danavian's issued and outstanding shares.

International Cannabis controls one of 12-Cannabis cultivation and manufacturing licences in the Kingdom of Denmark (see ICC news release dated Aug. 28, 2018). ICC's entry into Denmark mirrors industry peers such as Canopy Growth Corp., Green Organic Dutchman Holdings, Aurora Cannabis Inc. and CannTrust Holdings. ICC has engaged an Israeli Cannabis organic cultivation and management company; Sababa Sciences Inc. Sababa Sciences will provide end-to-end management, including the implementation of advanced Israeli agricultural technologies for high-quality medical Cannabis treatments.

ICC and Sababa Sciences have designed a 473,000-square-foot, fully automated greenhouse facility that will meet IMC-GAP, ISO: 9001 and European GMP standards. ICC and Sababa Sciences are also developing an on-campus European GMP-(good manufacturing practice)-compliant facility utilizing advanced analytics to maximize extraction and product manufacturing processes. In addition, ICC and Sababa Sciences are planning joint research initiatives in both Israel and Denmark and will produce products that leverage a proprietary formulation and delivery technologies for the Danish market and for export.

Moeldrup is approximately 20 kilometres from the city of Viborg and is located in western Denmark. Western Denmark is a region known for its highly educated and skilled labour force, and robust agriculture community. The initial land parcel secured for development by ICC is over 2.4 million square feet, of which 1.4 million square feet are allocated for greenhouses and over one million square feet are earmarked for processing, extraction, research and manufacturing facilities. The land parcel is equipped with necessary utilities in close proximity, including water, gas, telecommunications and electricity.

Marathon Global Inc.

On May 22, 2018 the Company entered into a definitive agreement with Marathon Global Inc. to acquire 50 per cent of its issued and outstanding shares.

Marathon Global has an exclusive agreement with Cosmos Holdings, 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, representing approximately 35,000 pharmacies in 16 countries. Cosmos Holdings is a pharmaceutical wholesaler with offices and warehouses in Thessaloniki, Greece, and in Harlow, United Kingdom. The company 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, Netherlands and Greece.

This distribution strategy carries on the Company's existing distribution business through its unique BioCanna ADM retail system.

CanAfrica Holdings

On June 6, 2018 the Company executed a share purchase agreement with CanAfrica Holdings to acquire 100 per cent of its issued and outstanding shares.

CanAfrica holds a licence to cultivate, manufacture, supply, hold, import, export and transport Cannabis and derivative products. It is anticipated that Lesotho will act as a staging ground for access to larger African markets, including its neighbour South Africa and its population of over 55 million. Lesotho is a favourable jurisdiction for Cannabis cultivation due to its rich soils, ideal climate, skilled agricultural work force, low-cost labour and access to key infrastructure.

In 2017, Lesotho became the first African nation to issue licences for medical Cannabis operations. Lesotho is a favourable jurisdiction for Cannabis cultivation due to its rich soils, ideal climate, skilled agricultural work force, low-cost labour and access to key infrastructure. Lesotho has also signed numerous international trade agreements. These trade agreements permit the unencumbered export of Lesotho's Cannabis products to various jurisdictions worldwide. It is anticipated that Lesotho will act as a staging ground for access to larger African markets that may yield greater demand potential.

On September 9, 2018 International Cannabis announced the engagement of Volare, a leading Lesotho-based infrastructure and development consultancy firm. Volare will assist the company with local development support, as well as the acquisition of land earmarked for Cannabis cultivation, storage and manufacturing facilities. Volare has identified a portfolio of key land parcels that are well suited for agriculture and manufacturing development. The identified parcels are equipped with the necessary on-site utility resources and are located in close proximity to transportation hubs.

International Cannabis also announced that company representatives have visited the Kingdom of Lesotho to initiate development efforts and advance regional relationships. The Company continues to complement its existing African cultivation and distribution footprint.

Canna Colombia Holdings Inc.

On June 22, 2018 the Company entered into a letter of intent to acquire a 100-per-cent interest of Canna Colombia Holdings Inc. (formerly Cannabis Medical Group SAS), a Columbian entity that holds licences to cultivate, produce, hold, sell and export Cannabis and its by-products.

Canna Colombia previously acquired 13 hectares of optimal agricultural land located in Funza, the heart of the Bogota savanna, which is also one of the safest areas in Colombia. It is conveniently located within a 20-kilometre drive to Bogota's international airport. The lease on this land has been prepaid for a period of 10 years.

On October 4, 2018 International Cannabis announced the ccommencement of construction of its Colombian Cannabis centre of excellence (“COE”). The company's COE will serve as headquarters for the company's flagship property (the “Cannabis Park”), located in the heart of the Bogota savannah in Funza, Colombia.

The COE's mission is to advance ICC's craft Cannabis cultivation capabilities. Once complete, the COE will act as a collaboration facility, where renowned industry growers, geneticists and service providers can assemble and pursue revolutionary Cannabis-centric projects and initiatives. It is ICC's belief that the COE will assist in catapulting Colombia into a world-class Cannabis cultivation jurisdiction.

Phase 1 of the Cannabis park construction is currently under way, highlighted by a one-hectare, polycarbonate greenhouse. Once phase 1 is complete, ICC will begin test trials of its 10 primary Cannabis strains. These test trials will assist in solidifying ICC's Colombian cultivation and production quotas. Upon completion of the test trials, ICC will present its findings to Colombian officials, who will then award the company its finalized quotas.

ICC's Colombian Cannabis Park is forecasted to produce between 25,000 and 40,000 kilograms of dried Cannabis flowers per year. Once fully optimized, ICC's Colombian assets are projected to generate up to 500,000 kilograms of dried Cannabis flower per annum.

Aricannabis BioTech Corp.

On August 16, 2018 International Cannabis announced a definitive agreement with Aricannabis BioTech Corp. to acquire 100 per cent of Aricannabis's issued and outstanding shares.

Aricannabis works on an exclusive basis with NuCare Health to provide Cannabis products to over 2,800 independent and corporate pharmacies across South Africa. NuCare also provides its medical partners with the following:

Access to innovative consumer products;

Strategic partnerships with key suppliers;

Management of channel pressure;

Educational and training resources.

ICC's South African distribution network is complemented by the Company's licences for medical Cannabis cultivation, manufacturing, distribution, transport, research and import/export in the Kingdom of Lesotho.

On September 20, 2018 International Cannabis applauded South Africa's recent ruling, legalizing the consumption of Cannabis. On September 18, South Africa's Constitutional Court unanimously voted to legalize adult Cannabis consumption, as well as the cultivation of Cannabis for private consumption. South Africa's parliament is expected to amend the laws that criminalize Cannabis following the Constitutional Court's ruling in the coming months.

EU Cannabis Corp.

On June 29, 2018 the Company entered into a definitive agreement with EU Cannabis Corp. to acquire 100 per cent of EU Cannabis's issued and outstanding shares.

EU Cannabis has an option to acquire a 90-per-cent working interest in industrial hemp licences held by Cannatec Greece A.E. Cannatech currently holds three licences covering a total of 16 acres situated within the Greek prefecture of Imathia. These licences were granted to Cannatec by the Hellenic Republic Ministry of Agricultural Development and Food, and permit EU Cannabis to 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.

The alignment of the company's existing distribution channels, revolutionary ADM retail system along with EU Cannabis's robust extraction capabilities will assist in appeasing an expanding appetite for functional CBD products within the European Union.

Further to ICC’s news release dated October 10, 2018, the Company would like to clarify that it is in the process of collaborating with the Greece Government to obtain an inaugural medical Cannabis cultivation licence. On October 4, 2018 the Company received a pre-approval support letter for a medical Cannabis cultivation licence from the Hellenic Republic of Greece. This pre-approval support letter grants the Company permission to begin construction of its planned medical Cannabis cultivation facility in Imathia, Greece. The aforementioned, pre-approval letter is comparable to the “approval to build” licence issued by Health Canada to late stages Licensed Producers (“LPs”) and ACMPR candidates.

International Cannabis continues work tirelessly to complete next steps of the licencing process in anticipation of receiving a full medical Cannabis cultivation license. Greece’s Cannabis industry remains in its infancy, and as a result regulations, legislation and the application and licencing processes continue to evolve. The Company looks forward to continuing in open dialogue with the Hellenic Republic of Greece regarding receipt of a medical Cannabis cultivation licence.

ON BEHALF OF THE ICC INTERNATIONAL CANNABIS CORP BOARD OF DIRECTORS

“Michael Martinz”

Michael Martinz

President, Director

info@intlcannabiscorp.com

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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.