Shares in ICC International Cannabis Corp (CSE:WRLD) (OTC:WLDCF) advanced Tuesday as it hailed German license news from Wayland Group Corp (CSE:WAYL) (OTCQB:MRRCF), a company with which it struck an acquisition deal last month.
ICC is set to buy 49.9% of Wayland's international assets and license portfolio.
READ THE DEEP DIVE: ICC International Cannabis is growing a worldwide cannabis cultivation and lifestyle brand
Today, it emerged that Wayland's DEMECAN joint venture has been awarded three lots of domestic cannabis production in Germany by the Federal Institute for Drugs and Medical.
Devices after the withdrawal of a competitor’s complaint following an oral court hearing.
Wayland has a 50% stake in the venture with an option to increase that to 60%.
It means DEMECAN is one of just three companies globally to achieve a German cannabis license for domestic production, out of 79 applicants. It will now begin production within Wayland’s 820,000 square foot Ebersbach facility, following upgrades to quality and security systems.
As part of the deal announced last month, Wayland will also enter into a three-year supply agreement with ICC that will supply the latter with 10,000 kg annually of dried cannabis flower grown at Wayland’s Langton, Ontario production facility.
The transaction is expected to close in coming days.
Diversified portfolio of subsidiaries
ICC International Cannabis aims to be the first publicly listed, globally focused, pure cannabis play.
With a diversified portfolio of subsidiaries, the Vancouver-based company has cultivation, extraction, formulation and distribution assets in the UK, Denmark, Poland, Switzerland, Germany, Macedonia, Bulgaria, Greece, Italy, Portugal, Malta, Colombia, Argentina, Australia, South Africa and Lesotho.
The stock in Toronto added over 6.5% to $0.245. In the US, shares are up 1.6% to $0.25.
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