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ORIGINAL: Integrated Cannabis Company, Inc. Signs Co-Development and Marketing Agreement with, a Canadian Licensed Producer, GTEC Holdings Ltd.
2018-09-27 07:30 ET - News Release
VANCOUVER, British Columbia, Sept. 27, 2018 (GLOBE NEWSWIRE) -- Integrated Cannabis Company, Inc. (CSE: ICAN, OTCQB: ICNAF) (“Integrated Cannabis”), is pleased to announce the completion of a Letter Agreement (the “Agreement”) to collaborate on X-SPRAYSTM products for the Canadian market with GTEC Holdings Ltd (“GTEC”) (TSXV: GTEC, OTCPK:GGTTF), a Canadian License Producer under Health Canada’s Access to Cannabis for Medical Purposes Regulations (ACMPR).
The Agreement allows for the co-development and marketing of novel spray products, utilizing proprietary nanotization technology containing both Cannabidiol (CBD) and/or Tetrahydrocannabinol (THC) for distribution in the Canadian medicinal and recreational markets. The Agreement is subject to the implementation of federal legislation in Canada and corresponding provincial and territorial legislation that permits the distribution and sale of certain formats of cannabis products, including without limitation sprays.
Over the coming weeks the companies will engage with their science, marketing and distribution teams to streamline the logistics of developing and ultimately introducing products to the Canadian marketplace.
“Partnering with a Canadian Licensed Producer has been a major goal of ours in order to facilitate the expansion of our product line into legal, established marketplaces. The GTEC team is an ideal partner given their status as a LP and their tenure in the cannabis industry and provide a great alliance for our innovative product line,” said Mr. John Knapp, CEO of Integrated Cannabis.
“We are very excited to be working with Integrated Cannabis and their line of the X-SPRAYSTM products. As we continue to push towards positioning ourselves as a preeminent cannabis company it is critical to diversify our product offering with formulations that are both novel and offer alternative delivery methods,” said Mr. Norton Singhavon, CEO of GTEC.
The companies aim to have a definitive agreement in place by October 31, 2018.