ICC International Cannabis Corp (CSE:WRLD) (OTCMKTS:KNHBF) said Friday that it has agreed to acquire all of Balkan Cannabis Corp in a deal adding to its medical cannabis and hemp production operations in Europe.
Vancouver-based ICC said in a press release that it’s buying a company that controls Macedonian medical cannabis cultivation and extraction licenses as well as Bulgarian medical cannabis and hemp cultivation licenses.
READ: ICC International Cannabis enters joint venture with Colombia-based Estrella Verde to expand offerings by more than 300 strains
Through a Macedonia subsidiary, Balkan Cannabis has been granted an exclusive agreement with a licensed facility permitting the cultivation, manufacturing and export of medical cannabis, according to ICC. The facility is located on 30 hectares (75 acres) in Valandovo, Macedonia.
The Balkan Cannabis subsidiary holds the only Macedonia extraction license to date and is building the country’s first dedicated industrial extraction facility, ICC said.
Balkan Cannabis owns 67% of the Macedonia subsidiary, with the rest controlled by a regional partner.
ICC added that Balkan Cannabis holds a 50% interest in a Bulgarian subsidiary that holds licenses for the production, manufacturing and export of hemp and medical Cannabis. Through the subsidiary, Balkan Cannabis controls 15,000 hectares (37,000 acres) with a two-year option to buy an additional 15,000 hectares.
Medical cannabis growth
In 2017, the global medical cannabis industry was valued at US$15.6 billion and is expected to expand at a compound annual growth rate of 17.7%, according to ICC, citing data from San Francisco-based Grand View Research
ICC advanced its global aspirations Thursday when it announced that it had entered a joint venture with Colombia-based Estrella Verde SAS, giving it access to more than 300 genetic cannabis strains.
Contact Dennis Fitzgerald at [email protected]