ICC International Cannabis Corporation Announces Its First Pre Order of BIDIOL for Distribution in Brazil
08:00 EST Thursday, November 23, 2017
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Nov. 23, 2017) - ICC International Cannabis Corporation ("ICC" or the "Company") (TSX VENTURE:ICC), a fully licensed producer and distributor of recreational cannabis and cannabinoid extracts used for medicinal purposes, is pleased to announce it has entered into a presale agreement (the "Agreement") with Brasliv through Brasliv Import and Export ("Brasliv") for a term of three years.
Brasliv is a Brazilian company based in Curitiba, Brazil and is focused on international commerce with a specialization in medical products. Brasliv has a reputation for efficiency and transparency when managing the international transport of goods and dealing with the required certifications and customs union procedures. Brasliv has been working with the Brazilian Health Regulatory Agency (Agncia Nacional de Vigilncia Sanitria or "ANVISA") for more than two years in order to obtain the requisite import permits for cannabidiol ("CBD") products such as ICC's newly launched, proprietary line of CBD oil branded 'BIDIOL'. Brasliv expects to receive authorizations for such imports by mid-2018.
Subject to ICC and Brasliv entering into a definitive agreement, and in accordance with the Agreement, Brasliv will purchase a minimum of 180,000 thirty millilitre bottles of BIDIOL per year for distribution for medicinal purposes.
In January 2017, the Brazilian health regulator, ANVISA, legalized the importation of cannabis-based products for medicinal purposes. Under Brazil's regulatory regime, these products require a prescription.
"This Agreement constitutes a major milestone for the CBD industry and ICC. Brazil is the 6th most populous country in the world (at 208 million) and major new market for CBD that is only just emerging. Brazil is extremely innovative in their use of CBD oil products for medical treatments. We are very excited about the possibility of accessing this prosperous market due to our many competitive advantages. Firstly, Uruguay, home to ICC's operations, neighbours Brazil and the two countries enjoy a robust trade relationship across a variety of good and services. Second, as both countries form part of the MERCOSUR commercial block, this will allow for the seamless transportation of goods across borders. Exports from Uruguay to Brazil in 2016 were for approximately U.S.$1.2 billion. Finally, because Brazil's regulatory regime does not permit cannabis production, we expect Brazil to rely on the importation of CBD oil, making this a key market for ICC. Low transport costs, geographic advantages, a pre-established commercial framework and the size of the Brazilian market make this deal a very promising and potentially transformative opportunity," commented Alejandro Antalich, Chief Executive Officer of ICC.
The Agreement remains subject to applicable regulatory approvals, including those from the TSX Venture Exchange (the "TSXV"), the Instituto de Regulacin y Control del Cannabis, the Uruguayan Ministry of Health, the Uruguayan Ministry of Livestock, Agriculture and Fishery and applicable Brazilian authorities.
ABOUT ICC INTERNATIONAL CANNABIS CORPORATION
The Company has operations in Uruguay, and is focused on the licensed production, development and sale of recreational cannabis, cannabinoid extracts and other derivatives used for medicinal purposes and industrial hemp. For more information, please see the Company's filings on www.sedar.com and www.intcannabiscorp.com.