PARIS, ONTARIO--(Marketwired - Feb. 27, 2017) -
NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES.
Emblem Corp. (TSX VENTURE:EMC) ("Emblem" OR the "Company") is pleased to announce that it has entered into a non-binding memorandum of understanding (the "MOU") with ICC International Cannabis Corporation (TSX VENTURE:ICC) ("ICC"), a licensed producer of Cannabidiol ("CBD") and other cannabis derivatives based out of Uruguay pursuant to the applicable regulatory regimes overseen by the Instituto de Regulación y Control del Cannabis ("IRCCA") and Health Canada, respectively. Subject to finalizing a definitive agreement and applicable regulatory approvals, including but not limited to those from the IRCCA, the Uruguayan Ministry of Livestock, Agriculture and Fishery and Health Canada, commencing in 2018, Emblem will work with ICC to import CBD into Canada to help fulfill the demand in the Canadian market.
Under the terms of the Agreement, both parties will be aiming to establish a cooperative framework in order to exchange technical knowledge, information, experiences and best practices regarding the cannabis industry as well as in connection with any other mutually identified opportunities, including the export of CBD by ICC to Canada and the direct purchase of such CBD by Emblem for distribution in Canada. ICC has also agreed to sell 10% of its 2018 CBD production to Emblem subject to and at prices to be determined under a definitive agreement.
"This is a unique opportunity for Emblem to tap into Uruguay's lower cost production platform and we look forward to broadening this relationship into a range of diverse products. We are very pleased and look forward to working closely with ICC to further advance our objectives as a premium quality producer of medical cannabis products," noted Maxim Zavet, Vice President, Emblem Corp. "ICC's expertise and production capabilities combined with Emblem's bench-strength in quality growth, production and marketing expertise are attributes which will bode well as we continue to execute on our growth plans and enhance shareholder value."
Emblem is licensed under the Access to Cannabis for Medical Purposes Regulations (the "ACMPR") to cultivate and sell medical marihuana. Emblem carries out its principal activities producing marihuana from its facilities in Paris, Ontario pursuant to the provisions of the ACMPR and the Controlled Drugs and Substances Act (Canada) and its regulations.
ICC has operations in Uruguay, and is focused on the licensed production, development and sale of recreational cannabis, cannabinoid extracts and by-products for medicinal uses and industrial hemp. ICC's common shares are listed for trading on the TSXV under the symbol "ICC". For more information, please see www.intcannabiscorp.com.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release contains forward-looking information, which involves known and unknown risks, uncertainties and other factors that may cause actual events to differ materially from current expectation. Emblem cautions that all forward-looking statements are inherently uncertain and that actual performance may be affected by a number of material factors, many of which are beyond Emblem's control. Such factors include those described in the Company's Filing Statement dated November 30, 2016 filed with the Canadian Securities Administrators and available on www.sedar.com. Accordingly, actual and future events, conditions and results may differ materially from the estimates, beliefs, intentions and expectations expressed or implied in the forward-looking information. Except as required under applicable securities legislation, Emblem undertakes no obligation to publicly update or revise forward-looking information.