Highlights
- Ganja Gold products now in 275 dispensaries across California;
- Proprietary pre-roll manufacturing technology ready for production runs;
- Brand licensing opportunities being explored in California, Nevada and Michigan;
- Nevada launch of Ganja Gold being ramped up;
- Mr. Suhas Patel, LLM, JD. has been appointed to the Board of Directors and in-house counsel;
VANCOUVER, British Columbia , Nov. 07, 2019 (GLOBE NEWSWIRE) — Integrated Cannabis Company, Inc. (CSE: ICAN, OTCQB: ICNAF) (“Integrated Cannabis” or the “Company”), is pleased to provide a corporate update.
California Market Penetration
Integrated Cannabis’ wholly-owned subsidiary, Ganja Gold, is pleased to announce that their products are now available in 275 dispensaries across California. This paves way for the Company to continue escalating growth in the California market through Ganja Gold SKUs while providing a vast and solid channel for new products currently under development.
Pre-roll Manufacturing Technology
In September, the Company took delivery of a custom, purpose built, proprietary pre-roll manufacturing system. The system has been developed in partnership with a leading developer of pharmaceutical equipment in Silicon Valley. This automated system, which is able to produce 600 pre-rolls per hour and only requires 2 personnel to operate, has been debugged on site and will be used in production runs as of mid-November. The Company expects the system will result in cost savings of over 70% per pre-roll and over 65% in human labour costs.
Licensing
The Company has received inbound interest from parties seeking to license the Ganja Gold brand for other legal jurisdictions, including: Michigan, Massachusetts and Canada. The Company is currently reviewing the pipeline of opportunities to license the brand to entities with well-established distribution networks allowing Integrated Cannabis to capture market share across multiple legal jurisdictions in the United States and maximize brand value for shareholders.
Additionally, the Company is reviewing in-licensing opportunities for Nevada and California.
Nevada Launch of Ganja Gold
Integrated Cannabis has ramped up its Nevada launch of Ganja Gold. Standard operating procedures (SOPs) and staff training has commenced and is on pace, as previously forecasted, for a December 2019 launch. The Ganja Gold products will be manufactured at the Company’s Las Vegas based manufacturing facility. Additional details regarding the launch will be provided in December.
Mr.Suhas Patel, LLM, JD Appointed to Board of Directors and as In-house Counsel
Integrated Cannabis is pleased to announce the appointment of Mr. Suhas Patel to its Board of Directors. Mr. Patel was voted to the Company’s board at its Annual General Meeting (“AGM”) held on Friday, November 1, 2019. Mr. Patel will also serve as in-house counsel for the Company.
Mr. Patel is a California licensed attorney with expertise in Business Law, Arbitration, Real Estate & Tax Law. He is also a Certified Mediator and has a Master of Laws in Taxation (L.L.M.) from Golden Gate University, where he earned his J.D as well. Mr. Patel has earned a Bachelor’s degree in Economics from the University of California, Davis and has experience in both the private and public sectors. He works with individuals, small to mid-sized business structuring, agreements, tax planning, workers compensation and benefits, financial planning and tax disputes (State and Federal). In the Public sector, Mr. Patel worked for the Tax Appeals Assistance Program of the California Board of Equalization (B.O.E), Sales and Use Tax Division. He conducted research and evaluated and documented evidence for submission before state auditors.
About Integrated Cannabis Company
Integrated Cannabis Company, Inc. is a leading cannabis branded products manufacturer based in California & Nevada, the largest and most competitive cannabis markets in the world. The company’s mission is to make cannabis safe and approachable – that starts with manufacturing high-quality products delivering consistent experiences.
For more information, please visit the company’s website at: www.icaninc.com.
ON BEHALF OF THE BOARD
“Eugene Beukman”
Director
For further information about Integrated Cannabis, please contact the Company at:
Email: investors@icaninc.com
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.
View Original Press Release On GlobeNewswire: http://www.globenewswire.com/news-release/2019/11/07/1942849/0/en/Integrated-Cannabis-Company-Inc-Provides-Corporate-Update.html
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