VANCOUVER, BRITISH COLUMBIA--(Marketwired - June 26, 2017) - ICC International Cannabis Corporation ("ICC" or the "Company") (TSX VENTURE:ICC), a fully licensed producer and distributor of medical and recreational cannabis and cannabinoid extracts, today announced the promotion of Mr. Alejandro Antalich to Chief Executive Officer, and the appointment of Mr. Diego Taranto to Senior Financial Controller. These management changes come at a time when the Company is transitioning from an early stage licensed producer to a fully licensed producer and distributor of recreational cannabis in Uruguay. Mr. Guillermo Delmonte has stepped down as CEO effective today and will assist Mr. Antalich in the transition of responsibilities.
"On behalf of the Board of Directors, Management and Staff of ICC, I would like to thank Guillermo for his efforts in establishing ICC as a leading international cannabis producer. We wish him the very best in his future endeavours. I would also like to congratulate Alejandro on assuming the role of CEO, and Diego on joining ICC as our new Senior Financial Controller," commented Michael Galego, Director of the Company. "ICC is entering a stage of rapid growth, with recreational sales in Uruguay commencing in early July and the anticipated expansion into new jurisdictions globally in the coming months. With these management changes ICC now has a senior leadership team with the experience to support both our current business and the successful execution of our long-term strategy of becoming the world's largest and lowest cost producers of cannabidiol ("CBD")."
Mr. Antalich joined ICC in March 2017 as Senior Operations Manager overseeing all research and development team initiatives. In his short tenure with ICC to date, he and his team have successfully constructed the first CBD extraction and oil formulation laboratories in South America. Mr. Antalich brings over 25 years of leadership and operations experience in the healthcare and pharmaceutical industry in Uruguay. Mr. Antalich's appointment as CEO is subject to TSX Venture Exchange ("TSX-V") approval.
Mr. Diego Taranto has been appointed to Senior Financial Controller and will assist our Chief Financial Officer, Oscar Leon, with overall responsibility for financial reporting and planning, treasury, and taxation. Mr. Taranto is a Certified Public Accountant with over 20 years of finance and accounting experience in private companies, with particular expertise in the pharmaceutical and manufacturing sectors.
ICC is also pleased to announce that it has engaged Venture North Capital Inc. ("Venture North") to provide strategic investor relations and shareholder communications services. Venture North is a full service capital markets consulting firm, headquartered in Toronto, Ontario and has experience executing strategic investor relations outreach campaigns on behalf of TSX, TSX-V and CSE listed growth companies. Venture North will be focused on increasing investor awareness while introducing ICC to its network of investment advisors, investment dealers, institutions and other financial professionals. Under the terms of the engagement, which is for an initial six month term, Venture North will be paid $6,000 per month. It will also be granted 150,000 options having an exercise price of $1.40, vesting at a rate of 37,500 immediately and 37,500 thereafter quarterly in arrears. This engagement is subject to TSX-V approval. This engagement is subject to TSX-V approval.
ABOUT ICC INTERNATIONAL CANNABIS CORPORATION
The Company has operations in Uruguay, and is focused on the licensed production, development and sale of recreational cannabis, cannabinoid extracts and other derivatives used for medicinal purposes and industrial hemp. For more information, please see the Company's filings on www.sedar.com and www.intcannabiscorp.com.
Neither the TSX-V nor its Regulation Services Provider (as that term is defined in the policies of the TSX-V) accepts responsibility for the adequacy or accuracy of this release.
Certain information in this press release may constitute forward-looking information. This information is based on current expectations that are subject to significant risks and uncertainties that are difficult to predict, including the Company's ability to obtain any requisite regulatory approvals. Actual results might differ materially from results suggested in any forward-looking statements. The Company assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those reflected in the forward looking-statements unless and until required by securities laws applicable to the Company. Additional information identifying risks and uncertainties is contained in the Company's filings with Canadian securities regulators, which filings are available at www.sedar.com.
ICC International Cannabis Corporation
Chief Executive Officer