ICC, a Uruguayan cannabis company, set a benchmark valuation of a Uruguayan cannabis company at $33M USD by private placement valuation acquisition. ICC is focused on recreational/medicinal cannabis (i.e. THC with CBD), while CannaPur is focused only on hemp production and CBD extract and derivatives for therapeutic use.
VANCOUVER, BRITISH COLUMBIA—(Marketwired – Nov 23, 2016) – ICC International Cannabis Corporation (formerly Shogun Capital Corp.) (nex:SHO.H) has announced that it has completed the acquisition of all of the issued and outstanding common shares of a company with the same name, which is a licensed producer of recreational cannabis, cannabinoid extracts and by-products for medicinal use and industrial hemp in Uruguay.
The principal activities of the company are the production and sale of cannabis from its facilities in Uruguay as regulated by Uruguayan Institute for the Regulation and Control of Cannabis (IRCCA).
Prior to the closing of the Qualifying Transaction, ICC completed a private placement of 32,500,000 Subscription Receipts of ICC at a price of C$0.40 per Subscription Receipt, for gross proceeds of C$13 million. Following completion of the Qualifying Transaction, the Company has 112,200,010 Common Shares issued and outstanding.
Based on 112,200,010 Common Shares at C$0.40, ICC’s posted a benchmark valuation of C$45M, or $33M USD. ICC is trading at $1.13 USD per share.