One of the interesting new names in play in the cannabis space on the OTC is ICC International Cannabis Corp (OTCMKTS:KNHBF). The company has been moving to establish strong footholds in both South America and the EU, with Colombia being a prime example. As a case in point, the company just announced it has successfully completed its Colombian Agricultural Institute (“ICA”) Cannabis inspection.
According to the release, “the ICA aims to contribute to the sustainable development of Colombia’s agricultural, livestock, fishery and aquiculture sectors. The ICA administers Colombia’s seed certification system, as well as oversees agricultural research and development with the objective of protecting people, animal and plant health, while optimizing trade conditions.”
ICC International Cannabis Corp (OTCMKTS:KNHBF) frames itself as a company that engages in the cannabis business in Canada and internationally.
It holds a license to cultivate, manufacture, supply, hold, import, export, and transport cannabis and derivative products; and engages in procuring and distributing medical cannabis products and cannabis derivatives.
ICC International Cannabis Corp. has strategic alliance with GreenTree International Inc. The company was formerly known as Kaneh Bosm BioTechnology Inc. and changed its name to ICC International Cannabis Corp. in September 2018.
ICC International Cannabis Corp. was incorporated in 2006 and is headquartered in Vancouver, Canada.
International Cannabis previously acquired 13 hectares of optimal agricultural land located in Funza, the heart of the Bogota savanna, which is also one of the safest areas in Colombia. It is conveniently located within a 20-kilometre drive to Bogota’s international airport. The lease on this land has been prepaid for a period of 10 years.
As the company notes, “ICC International Cannabis, through its subsidiaries, has agreements in place for European-based pharmaceutical distribution, wholesale importation, and research and development, as well as licences to cultivate, produce, distribute, store and export cannabis, cannabis derivatives and industrial hemp in Colombia, Denmark, Poland, Greece, Portugal, South Africa and the Kingdom of Lesotho.”
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As noted above, KNHBF just announced it has successfully completed its Colombian Agricultural Institute (“ICA”) Cannabis inspection. The stock has been chopping sideways since it started trading on the OTC in August. $0.35 represents the important support level in play at this point.
Eugene Beukman, Chief Executive Officer and a director of International Cannabis stated: “ICC is proud to report it has passed the ICA’s Cannabis inspection with flying colours. Successful completion of the ICA’s Cannabis inspection is a significant achievement for International Cannabis’ and further emphasizes the Company’s mandate to become a global cannabis producer of recognized quality standards. As ICC prepares to welcome renowned industry growers, geneticists and service providers to its Colombian Cannabis Centre of Excellence, it will continue to build on its mutually beneficial relationship with the ICA.”
According to the release, International Cannabis holds licenses to cultivate, produce, hold, sell and export cannabis and its by-products. Colombia has become a highly sought-after jurisdiction for cannabis cultivation activities as it has a world-leading combination of broad public and private sector acceptance, ideal growing conditions, and a massive addressable market.
Earning a current market cap value of $82.82M, KNHBF has about $7.6M in cash on the books, which stands against about $1.04M in total current liabilities. The company pulled in about $150K in sales last quarter. We will update the story again soon as developments transpire. Sign-up for continuing coverage on shares of $KNHBF stock, as well as other hot stock picks, get our free newsletter today and get our next breakout pick!
Disclosure: we hold no position in $KNHBF, either long or short, and we have not been compensated for this article.