A Canadian cannabis company has bought a Polish hemp firm to expand CBD production in Europe.
International Cannabis Corp. announced Tuesday that is has acquired Polannabis Holdings, which includes a company that grows 850 acres of hemp and has licenses to extract CBD.
ICC is paying CA$2.5 million ($1.9 million) and 26.5 million shares for Polannabis. ICC will pay another CA$2.5 million ($1.9 million) if the Polish company meets unspecified financial targets.
ICC says it has hired Israel’s Sababa Sciences to oversee its Polish expansion.
ICC CEO Eugene Beukman said in a statement that the Polish acquisition “plants yet another ICC flag in the EU.” The company recently received a medical cannabis cultivation license in Greece.
ICC trades on the Canadian Securities Exchange as WRLD.