VANCOUVER, British Columbia, September 27, 2018 /PRNewswire/ --
Integrated Cannabis Company, Inc. (CSE: ICAN) (OTCQB: ICNAF) ("Integrated Cannabis"), is pleased to announce the completion of a Letter Agreement (the "Agreement") to collaborate on X-SPRAYS™ products for the Canadian market with GTEC Holdings Ltd ("GTEC") (TSXV: GTEC, OTCPK:GGTTF), a Canadian License Producer under Health Canada's Access to Cannabis for Medical Purposes Regulations (ACMPR).
The Agreement allows for the co-development and marketing of novel spray products, utilizing proprietary nanotization technology containing both Cannabidiol (CBD) and/or Tetrahydrocannabinol (THC) for distribution in the Canadian medicinal and recreational markets. The Agreement is subject to the implementation of federal legislation in Canada and corresponding provincial and territorial legislation that permits the distribution and sale of certain formats of cannabis products, including without limitation sprays.
Over the coming weeks the companies will engage with their science, marketing and distribution teams to streamline the logistics of developing and ultimately introducing products to the Canadian marketplace.
"Partnering with a Canadian Licensed Producer has been a major goal of ours in order to facilitate the expansion of our product line into legal, established marketplaces. The GTEC team is an ideal partner given their status as a LP and their tenure in the cannabis industry and provide a great alliance for our innovative product line," said Mr. John Knapp, CEO of Integrated Cannabis.
"We are very excited to be working with Integrated Cannabis and their superb line of the X-SPRAYS™ products. As we continue to push towards positioning ourselves as a preeminent cannabis company it is critical to diversify our product offering with formulations that are both novel and offer alternative delivery methods," said Mr. Norton Singhavon, CEO of GTEC.
The companies aim to have a definitive agreement in place by October 31, 2018.
About GTEC Holdings Ltd.
GTEC was founded in 2017 to capitalize on opportunities in the nascent and rapidly growing legal cannabis industry. GTEC is focused on growing premium quality craft cannabis in purpose-built indoor facilities. The Company also has a number of retail cannabis initiatives in Western Canada. GTEC currently holds a 100% interest in GreenTec Bio-Pharmaceuticals Corp., Tumbleweed Farms Corp., Falcon Ridge Naturals Ltd., Alberta Craft Cannabis Inc., Grey Bruce Farms Inc., Zenalytic Laboratories Ltd. and Spectre Labs Inc. GTEC is a publicly-traded corporation based in Kelowna, British Columbia. The Company's shares are listed on the TSX Venture Exchange and OTC Pink Sheets.
About Integrated Cannabis Company, Inc.
Integrated Cannabis Company, Inc. is comprised of dedicated scientists and product engineers who are passionate about health and creating health and lifestyle products utilizing advanced delivery systems and formulations. For more information, please visit the company's website at: http://www.x-sprays.com .
ON BEHALF OF THE BOARD
Chief Executive Officer
The CSE does not accept responsibility for the adequacy or accuracy of this release.
Neither the Canadian Securities Exchange nor its Market Regulator (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release. The Canadian Securities Exchange has not in any way passed upon the merits of the proposed transaction and has neither approved nor disapproved the contents of this press release.
This news release may include forward-looking statements that are subject to risks and uncertainties. All statements within, other than statements of historical fact, are to be considered forward looking. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, exploitation and exploration successes, continued availability of capital and financing, and general economic, market or business conditions. There can be no assurances that such statements will prove accurate and, therefore, readers are advised to rely on their own evaluation of such uncertainties. We do not assume any obligation to update any forward-looking statements except as required under the applicable laws.
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SOURCE Integrated Cannabis Company, Inc.