Canadian cannabis company adds Polish hemp grower to European portfolio

A Canadian cannabis company has bought a Polish hemp firm to expand CBD production in Europe.

ICC International Cannabis Corp. announced Tuesday that it has acquired Polannabis Holdings, which includes a company that grows 850 acres of hemp and has licenses to extract CBD.

ICC is paying 2.5 million Canadian dollars ($1.9 million) and 26.5 million shares for Polannabis. ICC will pay another CA$2.5 million if the Polish company meets unspecified financial targets.

ICC said it has hired Israel’s Sababa Sciences to oversee its Polish expansion.

CEO Eugene Beukman said in a statement that the Vancouver company’s 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.