ICC International Cannabis Corp (CSE: WRLD.U)(OTCMKTS:WLDCF) announced Thursday it has acquired the international rights to a self-dispensing THC/CBD vending machine.
The Canadian company plans to deploy the vending machines into its existing network of 80,000 high-traffic retail endpoints and pharmacies across Europe.
“More people than ever, including millennials, are choosing convenience stores as their primary source of produce,” said CEO David Shpilt. “ICC seeks to place vending machines in these high traffic locales, particularly chains or franchises along major thoroughfares.”
The proprietary technology that runs the vending machines, or kiosks, is currently owned by VendaPharm EU LLC. Under a distribution and software licensing agreement, ICC said it will acquire 100% of VendaPharm’s outstanding shares.
ICC said the vending machines are equipped with facial-recognition software and camera, high-definition LED customer display, temperature-controlled storage, data aggregation and keyless entry, among other features. The kiosks also accept debit and credit cards as well as fiat currencies.
The Vancouver-based company said the machines will offer customers a suit of CBD products, including balms, roll-ons, healing sticks and vaporizers. Pet owners will be able to buy CBD gels and tinctures. Also, machines will carry hemp oil-derived cosmetics with anti-aging properties and cannabis-light pre-rolled cigarettes.
READ: International Cannabis to acquire AgraFlora’s Colombian pharmacy operation for $250,000 in stock
ICC also said it is aggressively developing a portfolio of cannabidiol-derived health and wellness products for automated distribution throughout Europe, under the Marilyn Monroe, Elvis Presley, Greg Norman, Tretorn, Aéropostale, Thaila and Frederick’s of Hollywood brands.
The company said it will leverage these widely recognized and trusted powerhouse brands that are already prominently featured on thousands of store shelves across Europe.
The vast majority of CBD, or cannabidiol, is extracted from hemp, which is a cannabis plant that has trace amounts of THC (0.3% or less when dried). THC, or tetrahydrocannabinol, is the psychoactive compound that gets people “high.”
ICC president resigns
In other company news, ICC said that Michael Martinz has resigned as president and board director and Peter Nguyen, who currently acts in the capacity of CFO, will join the board.
ICC's stock recently increase 15% to $0.20 a share on the OTC Markets and was up 14.7% to $0.19 a share on the Canadian Securities Exchange.
-- updates with share price movement --
Contact the author: email@example.com
Follow him on Twitter @PatrickMGraham