AgraFlora Organics International Inc. (“AgraFlora” or the “Company“) (CSE: AGRA) (Frankfurt: PU31) (OTCPK: PUFXF), a growth oriented and diversified international cannabis company, and ICC International Cannabis Corp. (CSE: WRLD.U)(FWB: 8K51)(OTC: WLDCF) (“ICC” or “International Cannabis”), have entered into an agreement whereby AgraFlora will transfer its portfolio of exotic, native Colombian cannabis genetics to ICC for international marketing and distribution purposes.
“This partnership further equips International Cannabis with the ability to provide highly coveted Colombian cannabis flower to its global distribution network of approximately 39,000 pharmacies and retail outlets,” said Eugene Beukman, Chief Executive Officer and a Director of International Cannabis. “The transfer of these native Colombian strains will also allow for the continued differentiation of the International Cannabis brand in an increasingly generic and homogenized market.”
“Pure Grow has assembled a unique genetic library of cannabis native to Colombia which we believe is poised to become a valuable asset for our company,” said Derek Ivany, President & CEO, AgraFlora Organics International Inc. “With the aim of maximizing the value of our genetics portfolio, we have confidence in our new partnership with ICC as they have built an extensive infrastructure across the value chain in the international cannabis marketplace. Their vast international presence consists of distribution networks and various licenses in multiple jurisdictions that will assist in introducing our genetics library to the marketplace.”
In May 2018, AgraFlora formed a wholly owned subsidiary, Pure Grow Medicinals S.A.S. (“Pure Grow”), to pursue cannabis cultivation and genetics opportunities in Colombia. Pure Grow has since been working in concert with a Cannabis Cup winner whose strain “Medellin Gold” has received industry accolade and has, since formation, acquired a select library of rare and exotic native cannabis seed varieties from various regions in the country.
The Companies genetics portfolio consists of rare, native cannabis strains from the regions of Valle del Cauca, Cauca, Magdalena and Antioquia in Colombia. Under the agreement, Pure Grow is transferring to International Cannabis a library consisting of 20 unique strains that include both prominent tetrahydrocannabinol (“THC”) and cannabidiol (“CBD”) varietals, including highly sought-after strains such as:
- Medellin Gold,
As both the World Health Organization and many countries around the world shift their stance in favour of medical use of CBD-dominant cannabis oils and CBD-derived products, the demand for high-yield CBD strains is expected to increase geometrically.
Under the terms of the agreement, AgraFlora will retain the rights to the genetics library for its own uses within North America, and International Cannabis is granted exclusive rights elsewhere globally. In consideration for the transfer of the genetics library, ICC will issue one million common shares to AgraFlora. The valuation of the shares will be based upon the five-day VWAP of ICC’s common shares for the five trading sessions prior to the announcement of the agreement.
SOURCE AgraFlora Organics International Inc.