ICC International Cannabis Corp nabs spot on Horizons Medical Marijuana Life Sciences ETF

ICC International Cannabis Corp (CSE:WRLD.U) (OTCMKTS:WLDCF) announced Monday that it was “elated” that the company has been added to Horizons Medical Marijuana Life Sciences ETF as part of its quarterly rebalance.

HMMJ is the largest Canadian cannabis ETF and has more than $1 billion in assets. It has returned an eye-popping 60% this year, giving it the crown of being the best-performing equity ETF listed in Canada.

Shares of ICC were up on Monday up 3.2% at C$0.33 in Toronto and up 2.3% at US$0.33 in New York mid-day on Monday after the company also released news that it is set to market and distribute its cannabidiol (CBD) health and wellness products across Spain.

READ: ICC International Cannabis to market CBD products in Spain under singer Thalia Sodi’s name

“We are elated to be included in the HMMJ, the largest cannabis-focused ETF offering direct exposure for investors to North American life sciences companies. International Cannabis is at the epicentre of the global cannabis industry and is uniquely positioned to capture significant market share as the global THC and CBD industries continue to mature,” said CEO Eugene Beukman in a statement. 

“The company will continue to optimize its upstream, downstream and distribution capabilities while integrating operational best practices into its medical plant production, extraction, active pharmaceutical ingredient isolation and finished dose manufacturing operations,” he added. 

READ: Horizon Marijuana Life Sciences Index bolstered with new additions

HMMJ is rebalanced each quarter and is an Index ETF that seeks to replicate the performance of the North American Marijuana Index. The index is designed to provide investors with exposure to a basket of North American publicly listed life sciences companies with significant business activities in the cannabis industry.

The Horizons Marijuana Life Sciences Index ETF was up 0.18% at C$22.64 on Monday. 

ICC to issue shares to ABG

ICC also announced that it will issue US$2 million of common shares as part of a previously announced licensing agreement with Authentic Brands Group (ABG). 

The company also announced it would issue common shares of ICC with a value of US$15 million to Cannabis Lifestyle Partners (CLP). 

International Cannabis also clarified that it has the option to extend its initial 10-year agreement with ABG for an additional 40-year term.

Contact Katie Lewis at [email protected]

Story by ProactiveInvestors