IC Potash announces expanded ICP Organics development strategy to include value-added cannabis industry products and services...
November 06 2017 - 6:00AM
IC Potash Corp. (TSX:ICP)
(OTCQB:ICPTF) (“IC Potash” or the “Company”) is pleased to announce
that the business development strategy of ICP Organics, a wholly
owned subsidiary of the Company, is being expanded to include
value-added legally compliant products and services for the
domestic and international Cannabis industry, including developing
services in the areas of permissioned and private blockchains to
ensure the integrity of intra-corporate and inter-corporate seed to
sale data and related security and safety information.
Mr. Mehdi Azodi, President and Chief Executive
Officer of IC Potash stated, “The worldwide cannabis market is
estimated to be approximately USD $150 billion. During the
first nine months of 2017 total capital raised in the Cannabis
industry was approximately USD $1.8 billion. Canadian capital
markets for Cannabis related companies with well thought out
strategies, excellent execution and strong management, continue to
be strong as the investor base in the legitimized cannabis industry
expands. Currently, Canada is the world leader in the development
of the international Cannabis industry. Commensurate with these
developments, the thrust towards a full recreational market in 2018
is putting stress on ACMPR-approved producers and distributors. The
solution for frictionless intra-corporate and inter-corporate
regulatory and B2B systems is the integration of permissioned and
private Blockchain technologies into this sector. Blockchain
technologies, which are secure by design and operation, will
streamline domestic and international operations of cannabis
cultivators and downstream producers and distributors, by replacing
inefficient accounting, inventory, transaction and payment networks
with secure hack-free and frictionless systems. This technology,
which will simplify business operations for all parties in the
cannabis industry, has already attracted financial institutions,
stock exchanges and industrial corporations.”
IC Potash is intent on establishing industry
relationships with the goal of creating a set of corporate
interests, all of which are keen on establishing frictionless and
secure inter-corporate systems which allow for a complete chain of
custody, digitally secured, immutable documents covering genetics,
seed to sale flows, active pharmaceutical ingredients in final
products, safety regarding heavy metals and metabolites, and all
related physical certificates where relevant.
Working Capital As previously
announced on October 17, 2017, the Company received USD $2.8
million composed of a cash receipt of USD $1.4 million and a
promissory note which will be converted to cash on January 8,
2018. Further, it is anticipated that additional funds should
be received from Cartesian Capital Group controlled
Intercontinental Potash Corp (USA) from New Mexico water
sales. Those anticipated revenues are in connection with the
Water Royalty, as more particularly described in the Company’s
press release of October 17, 2017. The actual timing and
quanta of the water royalties are not specifically
ascertainable.
Current working capital of the Company, and
anticipated incremental water royalties referred to above, as may
be received, will, in part, be invested in ICP Organics whose
business model will be expanded to include, in addition to organic
fertilizers, specialty cannabis-related consumer product branding
and retail sales, and blockchain technology applications for the
Cannabis industry. Blockchain technologies relate to the
Cannabis industry’s urgent need for efficient, accurate and
complete regulatory tracking of product and money flows from seed
to sale. Blockchain technologies also can assist in providing
trustworthy and secure customer/patient analytical databases for
both health-related and sales-related purposes.
About IC PotashIC Potash is
establishing a diversified portfolio of investments and interests
with initial focus on organic fertilizers and resource assets. ICP
Organics’, a wholly owned subsidiary of IC Potash Corp., focal
point is research, development and investment in the fertilizer and
medical cannabis sectors, with emphasis on organic fertilizers,
pesticide-free products, and specialty cannabis-related consumer
product branding and retail sales. Organic products provide
value-enhancing opportunities to medical cannabis and other
agricultural growers allowing the producers to sell products at
premium prices. The introduction of blockchain technology to the
cannabis industry will form the foundation for secure operational
processes and streamline domestic and international distribution
networks.
IC Potash intends to establish joint research
and development partnerships with Canadian Licensed Producers
operating under ACMPR regulations in Canada. The Company is also
establishing commercial relationships with medical and recreational
cannabis producers in the United States. IC Potash has made an
equity investment in cannabis operations in South America. As IC
Potash grows, it plans to build a diversified portfolio in
commercial-scale cannabis cultivators and related downstream
cannabis industry providers. The Company may invest in various
private and public companies in diversified sectors on an
opportunistic basis.
For more information, please visit
www.icpotash.com.
Forward-Looking
Statements Certain information set forth in this news
release may contain forward-looking statements that involve
substantial known and unknown risks and uncertainties and other
factors which may cause the actual results, performance or
achievements of IC Potash to be materially different from any
future results, performance or achievements expressed or implied by
such forward-looking statements. Forward-looking statements include
statements that use forward-looking terminology such as “may”,
“will”, “expect”, “anticipate”, “believe”, “continue”, “potential”
or the negative thereof or other variations thereof or comparable
terminology. Such forward-looking statements include, without
limitation, statements regarding planned investment activities
& related returns, trends in the markets for fertilizers and
medicinal or recreational use of cannabis, the timing or assurance
of the legalization of recreational cannabis, the timing for
completion of research and development activities, the potential
value of royalties from water and other resources, and other
statements that are not historical facts. These forward-looking
statements are subject to numerous risks and uncertainties, certain
of which are beyond the control of IC Potash, including, but not
limited to, changes in market trends, the completion, results and
timing of research undertaken by IC Potash, risks associated with
resource assets, the impact of general economic conditions,
commodity prices, industry conditions, dependence upon regulatory,
environmental, and governmental approvals, the uncertainty of
obtaining additional financing, and risks associated with cannabis
use for medicinal or recreational purposes. Readers are cautioned
that the assumptions used in the preparation of such information,
although considered reasonable at the time of preparation, may
prove to be imprecise and, as such, undue reliance should not be
placed on forward-looking statements.
For More Information, Please
Contact:
Mehdi Azodi, IC Potash, President & CEO, 416
779 3268, mazodi@icpotash.org