ICC International Cannabis Corp. has entered into a memorandum of understanding (MOU)and presale agreement with Emblem Corp., which through a wholly owned subsidiary is a licensed producer of medical cannabis pursuant to regulations overseen by Health Canada.
ICC becomes the first South American licensed producer to gain an entry point into the Canadian market for CBD. The MOU and presale agreement signals a shift in the way the Canadian market may be able to access CBD products from lower cost jurisdictions.
“We are pleased to enter into this MOU and presale sgreement with Emblem with a view of working together to provide Canadians with a broader supply of cannabidiol and at competitive price points. Both ICC and Emblem foresee a potential shortage in the supply of CBD and associated products in the Canadian market. This MOU and Presale Agreement is the first step in bringing foreign CBD from a lower cost jurisdiction into Canada,” said Guillermo Delmonte, Chief Executive Officer of ICC. “In addition, Emblem brings to the table extensive knowledge of the Canadian cannabis landscape which will help ICC develop its exportation business.”
ICC has agreed to sell 10% of its 2018 CBD production to Emblem at prices to be determined under a definitive agreement, subject to applicable regulatory approvals, including those from the TSX Venture Exchange, the Instituto de Regulacion y Control del Cannabis , the Uruguayan Ministry of Livestock, Agriculture and Fishery and Health Canada.