International Cannabis Corp (CSE:WRLD) (OTC:KNHBF) CEO Eugene Beukman said the acquisition by its European distribution partner, Cosmos Holdings Inc, of the Greek pharmaceutical wholesaler Cosmofarm Ltd will bolster ICC's distribution capabilities in Europe.
“International Cannabis applauds the acquisition of Cosmofarm, which further augments the company’s robust European distribution capabilities," Beukman said in a statement.
Cosmofarm is equipped with an extensive supplier network of 250 pharmaceutical manufacturers and had sales of nearly US$14 million for fiscal year 2017. It provides products to more than 1,300 pharmacies.
Cosmofarm is in the process of relocating its operations to a new 32,000-square-foot facility, greatly increasing its manufacturing capacities, according to ICC. The facility’s manufacturing operations include a robotic fulfillment center and will significantly improve Cosmofarm’s scaling and distribution capabilities.
"Cosmofarm is a rapidly growing wholesaler with embedded shared-values of innovation and high-quality distribution," said Beukman. "The company will leverage Cosmofarm’s distribution channels and robotic fulfillment center to facilitate its growing pipeline of purchase orders in 2019."
Vancouver-based ICC will market and sell its cannabis and cannabidiol products throughout the 28 member states of the EU.
Licenses permit the company to cultivate, manufacture, distribute and export industrial hemp and its many CBD-derived extracts. Greece boasts more than 300 days of sunshine per year, providing an attractive climate for outdoor industrial hemp cultivation, according to ICC.
Cosmos has a trans-European network of more than 160 clients and vendors.
ICC, through its subsidiaries, has agreements in place for European-based pharmaceutical distribution, wholesale importation, and research and development.
The company has licenses to cultivate, produce, distribute, store and export cannabis, cannabis derivatives and industrial hemp in Colombia, Denmark, Poland, Greece, Portugal, Poland, Macedonia, Bulgaria, South Africa and Lesotho.
Contact Rene Pastor by [email protected]