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Auxly Cannabis Group Inc. (TSX.V - XLY) (CBWTF) - Breaking News

2,227 views · Published 19 November 2018 · 5:33 · Indexed 22 September 2026

Channel: RICH TV SHOW · 2018 · News & Politics

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Auxly Cannabis Group Inc. (TSX.V - XLY) (CBWTF) - Breaking News - RICH TV LIVE - November 19, 2018 -  Auxly Cannabis Group Inc. (TSX.V - XLY) ("Auxly" or the "Company") is pleased to announce that its strategic international partner, ICC International Cannabis Corp. ("ICC") (CSE: WRLD), has entered into a definitive agreement to acquire all issued and outstanding shares of Enigma Unipessoal Lda (“Enigma”).

Enigma is a large-scale hemp operator based in Castelo Branco, Portugal with licenses to cultivate, extract, import, export and process hemp derived products on 400 acres of land. Having acquired one of the first hemp licenses to be issued in Portugal, Enigma successfully harvested its first crop in 2015 and is a notable importer of proprietary hemp seeds. ICC anticipates that Enigma will be able to produce, at scale, approximately 45,000 kilograms of extracted CBD isolate per annum. Enigma expects to release both branded and white-labelled CBD products as soon as the first quarter of 2019, in particular, Enigma’s product portfolio will consist of CBD-infused chocolate, CBD oils and CBD-based topical creams.

Commercial Rights Agreement with ICC

In connection with the strategic investment and commercial rights agreement announced on September 17, 2018, Auxly has become a preferred commercial partner to ICC on its current and future international and domestic cannabis ventures, including Enigma, for a period of 10 years. In particular, during the term, Auxly has a right of first refusal, in respect of: supplying ICC's extensive world-wide distribution channels in the event that ICC is looking to source cannabis products outside of the ICC group; any sale or off-take agreement pursuant to which ICC intends to sell or distribute cannabis products to any third party outside of the ICC group; purchasing any of ICC’s assets (including its subsidiaries) in the event that it intends to sell any such assets to a third party outside of the ICC group; and licensing any intellectual property owned or developed by ICC, or its subsidiaries, in the event that ICC intends to license such intellectual property outside of the ICC group.

Management Commentary

Hugo Alves, President and Director of Auxly commented: “We would like to congratulate our strategic international partner, ICC, on yet another significant acquisition. We are excited at the prospect of working with ICC and Enigma in Portugal, a global leader in drug policy reform and one of the key emerging jurisdictions in the global trend towards cannabis legalization. We look forward to working with Eugene and his team as they continue to execute on their strategy of building a meaningful presence in international cannabis markets.”
ON BEHALF OF THE BOARD

"Chuck Rifici" Chairman & CEO

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