International Cannabis shares rise as it closes in on Greek medical cannabis application

International Cannabis Corp (CSE: WRLD) (OTCMRKTS:KNHBF) shares perked up on Monday after it released news that its Greek medical cannabis cultivation application is nearing the finish line. 

The company said it received notice that the Greek government is performing its final review on ICC’s Greek medical Cannabis cultivation application and expects to receive final approval in the coming weeks.

Shares of ICC were up 4.9% at C$0.85 in Toronto and up 9.1% at US$0.68 in New York.

READ: Kaneh Bosm portfolio company putting finishing touches to Greek licence application

ICC has a 16-acre land parcel situated in northern Greece. Upon receipt of the finalized application, it will be dedicated to medical grade cannabis cultivation, extraction, distribution, as well as research and development.

ICC has a distribution network of approximately 35,000 pharmacies throughout 16 countries. 

“ICC eagerly awaits final approval from the Greek Government. ICC’s team in Greece has been working tirelessly to secure the first Greek medical cultivation licence granted to a non-governmental organization,” said chief executive officer and director, Eugene Beukman.

“Through collaboration with ICC, Greece is presented with a unique opportunity to expedite the realization of the benefits of a legalized cannabis industry.”

Three cultivation, processing and extraction structure

Upon receiving final approval from the appropriate Greek authorities, ICC plans to break ground on the construction of three cultivation, processing and extraction structures with a total footprint of 97,000 square feet.

The first will be ICC’s flagship 34,000 sq/ft structure, that will include six separate, self-contained flower rooms and two separate, self-contained vegetation rooms. The second structure will be 3,000 sq/ft structure. 

A third 60,000-square-foot structure will act as a polycarbonate-covered greenhouse.

The greenhouse will be integrated with irrigation systems, supplemental lighting, light deprivation systems, air filtration exchanges, carbon dioxide dosing capabilities, odour control, dehumidification systems, as well as heating and cooling capabilities.

ICC says its plans to implement computerized automation controls to integrate the entire growing ecosystem.

Story by ProactiveInvestors