As the race for positioning in the South American market heats up, one stock that should be on the radar is ICC International Cannabis Corp (OTCMKTS:KNHBF). As a case in point, the company just announced it has entered into a definitive agreement to acquire 100 per-cent of Green Gene Research Inc.
According to the release, Green Gene boasts 17 years of experience in the fields of Cannabis research, testing, cultivation, as well as the optimization of proprietary seeds and strains. Green Gene controls a portfolio of over 120 laboratory-tested craft Cannabis strains. “These unique craft strains will allow for the continued differentiation of the International Cannabis brand, in an increasingly generic and homogenized market. Green Gene’s strain and seed inventory has been curated and assembled over the past 17 years by a team of experiences geneticists and breeders.”
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 a 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 entered into a definitive agreement to acquire 100 per-cent of Green Gene Research Inc.
The chart shows 20% during the past week in terms of shareholder gains in the listing, but this action is running counter to the larger trend in the name. Furthermore, the company has seen a growing influx of trading interest, with the stock’s recent average trading volume running 18% beyond what we have been seeing over the larger time frame.
Eugene Beukman, CEO and a director of International Cannabis stated, “The acquisition of Green Gene broadens the product offering that ICC can provide to its clients and to its distribution network. Proprietary strain portfolios, seed inventory, and clone catalogs increase the breadth of ICC’s unique product offering and present an exciting opportunity to provide superior strains and higher quality products to the Cannabis consumer worldwide. The inclusion of Green Gene strains and seed library is yet another step towards achieving ICC’s goal of servicing top-tier products to the EU and LATAM.”
Earning a current market cap value of $92.42M, 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. This is an exciting story, and we look forward to a follow-up chapter as events 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.