- The move comes under International Cannabis Corp’s ongoing effort to identify & invest in leading cannabis technology firms.
- The investment improves International Cannabis Corp’s ability to acquire a significant market & IP share in the rapidly developing cannabinoids market.
ICC International Cannabis Corp. (ICC), a prominent firm in the global cannabis industry, has reportedly announced the completion of a strategic investment of $1.2 million in Boston, Massachusetts-based private biotechnology firm, Biotii Technologies Corp. (Biotii).
Reports cite, the move comes under International Cannabis Corp’s ongoing effort to identify, pursuit & invest in leading cannabis technology firms. The investment reportedly improves ICC’s ability to acquire a significant market & IP share in the rapidly developing cannabinoids market.
According to reports, the Boston-based technology firm is actively pursuing the development of genetically-engineered microorganisms capable of expressing cannabinoid profiles that are similar to the ones found in nature, but at a fraction of a cost of the existing cannabis production methods with a production quality that is more consistent. Moreover, Biotii is also exploring the replication of similar target-drug molecules which cannot be manufactured through stand-alone chemical processes as easily.
The CEO & Director at ICC, Eugene Beukman stated, the company continues its efforts to identify & invest in leading cannabis-technology firms. ICC is impressed by the abilities of the Biotii team, made up of proven innovators, who are potentially on the verge of disrupting the global cannabis value-chain. Beukman further added that the company would leverage Biotii’s expertise & technology to bring economy-of-scale to the cannabis industry using biosynthesis.
For the record, Biotii’s synthesizing process would enable the production of lesser-known cannabis compounds as well as cannabidiol (CBD) & tetrahydrocannabinol (THC) at considerably lower production costs when compared to traditional extraction & cultivation processes. The company now aims to annually mass-produce THC & CBD in hundreds of metric tons to make the process more efficient & affordable.
Sources privy to the matter cite, the strategic investment also grants ICC the right of first refusal to all Biotii financings in the future.