ICC International Cannabis Corp. has entered into a commercial rights and off-take agreement with AgraFlora Organics International, whereby ICC may purchase up to 100,000,000 grams of premium dried cannabis flower from AgraFlora’s Delta Greenhouse Complex cultivation operations, over a five year term.
According to the company, ICC will leverage its advanced global downstream capabilities, including its European distribution footprint of 80,000 pharmacies and 300,000 retail end-points to market premium cannabis under the Company’s diverse brands and banners.
"Further to its downstream capabilities, International Cannabis is equipped with a trans-European wholesale distribution network, spanning 16 countries, including: Germany, United Kingdom, Ireland, Denmark, Italy, France, Singapore, Spain, Poland, the Netherlands and Greece."
"Boasting 2.2 million square feet of grow space under glass, AgraFlora and its Joint Venture partner have been collaborating with Health Canada since June 2018 to prepare the large-scale, ready-made Delta Greenhouse Complex for licensing. As a result of this commercial rights and off-take agreement, AgraFlora has committed to allocating 10 per cent of the Delta Greenhouse Complex’s cumulative flower footprint to ICC," the team with the company explains.
"AgraFlora’s Delta Greenhouse Complex is widely considered to be one of the most technically advanced and environmentally friendly greenhouse operations in the World, equipped with industry leading cultivation infrastructure."
"In anticipation of the Company’s inaugural off-take delivery from AgraFlora, ICC is architecting its first purpose-built, EU-GMP-complaint cannabis processing, manufacturing and packaging facility (the “Finishing Facility”). It is anticipated that ICC’s Finishing Facility will function as a premier European cannabis-processing hub, through which:
- Cannabis produced/procured from ICC’s contract farming and off-take agreements can be securely shipped to the Finishing Facility;
- Cannabis manufacturing and processing will then be initiated at ICC’s Finishing Facility according to GMP-certified manufacturing specifications and SOPs;
- The now finished GMP-certified cannabis can be packaged for export and/or leveraged as GMP-compliant cannabis inputs to produce a portfolio of diverse, designer product formulations;
GMP-certified cannabis products are eligible for import/export to the European Union, thus achieving higher margins, all while removing barriers to entry for the penetration of high value EU patient populations Good Manufacturing Practices (“GMP”) certification is an internationally recognized system, mandated with ensuring all produced goods meet the highest consumer health and safety standard.
According to the company, subject to the terms of the commercial rights and off-take agreement, International Cannabis may purchase up to 20,000 kg of dried cannabis per annum for a 5-year term from Agraflora's large-scale Delta Greenhouse Complex, representing 100,000,000 grams over the duration of the initial term.
"The aforementioned commercial rights and off-take agreements are contingent on AgraFlora’s receiving its cultivation and sales licences from Health Canada for its Delta Greenhouse Complex operations," the company concludes.