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Canada’s ICC agrees to buy Enigma of Portugal in all-stock transaction

Hemp Industry Firms

Canada’s ICC International Cannabis Corp. (ICC) has agreed to acquire 100% of Portugal’s Enigma Unipessoal Lda, which ICC said holds one of the first hemp licenses to be issued in Portugal. ICC, based in Vancouver, British Columbia, will issue $11.8 million in shares to Enigma under terms of the all-stock deal.

160 hectares

Enigma’s license permits the cultivation, processing and import/export of hemp-derived products from 160 hectares (400 acres) of farmland in the Castelo Branco region of Portugal, according to ICC. The Portuguese company’s hemp operations have the potential to yield 45,000 kg of CBD isolate per year, ICC said.

“International Cannabis is progressing towards a full spectrum cannabis license in Portugal, which it is hopeful to achieve before the end of Q1 2019,” ICC CEO Eugene Beukman said in a release. “This acquisition lays an excellent foundation for the comprehensive buildout of a vertically integrated Portuguese operation.”

Enigma plans to make branded and white-label products such as CBD-infused chocolate, CBD oils and CBD-based topical creams.

Other Euro acquisitions

Also in Europe, the company recently agreed to acquire 100% of Balkan Cannabis Corp, which ICC says controls Macedonian medical cannabis growing and extraction licenses as well as medical cannabis and hemp cultivation licenses in Bulgaria. That was preceded in October by ICC’s acquisition of Poland-based Polannabis Holdings, which includes a company that grows 850 acres of hemp and has licenses to extract CBD, according to ICC.

ICC said it also has licenses to cultivate, produce, distribute, store and export cannabis, cannabis derivatives and industrial hemp in Colombia, Denmark, Greece, South Africa and the Kingdom of Lesotho.

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