Emblem (TSXV:EMC) has entered into a non-binding memorandum of understanding with ICC International Cannabis (TSXV:ICC), a licensed producer out of Uruguay.
As quoted in the press release:
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 expertis