ICC International Cannabis Corp (CSE:WRLD.U) (OTCMKTS:WLDCF) has applauded South Africa’s recent reclassification of CBD (cannabidiol), which will allow the population access to a vast array of products.
Earlier this month, ICC closed its previously announced acquisition of 49.9% of Wayland Group Corp's international asset and license portfolio, including the latter's patented Vesisorb formulations, which have been shown to increase absorption of fat-soluble drugs, including CBD, by up to seven times.
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On May 23, South Africa's Department of Health officially removed Cannabidiol (CBD) from the country's Schedule 7 list of highly controlled drugs, which allows for the legal distribution of CBD products.
"This is a landmark piece of legislation that will empower the South African populous with wide-scale access to a vast array of CBD products," said David Shpilt, CEO of International Cannabis. South Africa boasts a population of 55 million and has made actionable progress pertaining to the integration of medical cannabis and CBD into its healthcare infrastructure."
Shplit said ICC will leverage patented Vesisorb formulations to exploit the country’s bourgeoning CBD market.
"Widely considered a pioneer within the African cannabis sector, International Cannabis will imminently be in a position to share our progress relating to the supply of premium CBD products from local and international sources, including our African low-cost cannabis production hub in the Kingdom of Lesotho," said the company boss.
ICC has medical cannabis operations in the Kingdom of Lesotho, including licenses for cultivation, manufacturing and distribution and importing and exporting.
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