LOS ANGELES, CA / ACCESSWIRE / December 10, 2019 / International Cannabrands Inc. (CSE:INCB) (the "Company") is pleased to announce the appointment of Dr. David Rosenberg as Chief Medical Officer. Dr. Rosenberg, MD is a board-certified plastic surgeon based in Beverly Hills, CA. He graduated from Johns Hopkins University School of Medicine and specializes in cosmetic, plastic, and reconstructive surgery, peripheral nerve surgery, and more.
Steve Gormley, CEO of the Company commented: "As International Cannabrands looks to develop CBD brands and products, the efficacy and safety of these products will be paramount. Dr. Rosenberg graduated at the top of his class from one of the finest medical schools in the country, and his counsel and oversight will be critical as we look to build our portfolio within the CBD category."
In addition to CBD (cannabidiol) products currently in development, the Company expects to develop with Dr. Rosenberg a range of CBD-based pre- and post-procedure products that address inflammation and pain. These products will initially be retailed through an untapped network of MedSpas and similar channels, with an aim towards growing distribution into more traditional high-end retailers and big box cosmetics stores.
Greg Davis, the Company's Chief Growth Officer commented further: "When looking at the medical benefits of CBD, the field of cosmetic surgeries and outpatient procedures is a particularly compelling opportunity. Dr. Rosenberg currently retails luxury skincare products in-office which he recommends for pre- and post- care. Consumers in this environment are more inclined to choose a high-end product recommended by their doctor rather than products available at their local drug store. Roughly 80% of Dr. Rosenberg's patients leave his office with a product he recommends, and this is similarly true for his wide network of practitioners. Additionally, these patients have already demonstrated a willingness to invest in an elective, cosmetic procedure and will be less price-sensitive than the average consumer."
Dr. Rosenberg brings to International Cannabrands a deep enthusiasm for the potential medical applications of CBD. Dr. Rosenberg commented: "It is a privilege to join an innovative organization such as International Cannabrands. CBD has the potential to become as relevant a product as ibuprofen or St. John's Wort and I look forward to using my knowledge and experience to assist in guiding the growth of this industry."
In addition to clinical training, Dr. Rosenberg is actively engaged in advancing the field of Plastic Surgery through teaching duties and research interests. He completed a research fellowship at Northwestern University. His research in wound healing, cosmetic surgery and peripheral nerve surgery has resulted in multiple publications in peer-reviewed journals and textbooks, as well as lectures at national meetings.
The Company also wishes to announce its termination of an engagement letter dated July 10, 2019, with Gravitas Securities Inc. and Canaccord Genuity Corp. to act as agents, on a commercially reasonable "best efforts" agency basis, to offer for sale unsecured convertible debentures of the Company (announced July 10, 2019). In addition, the Company terminated the following financing related agreements: (a) investment agreement dated August 8, 2018, with Alumina Partners (Ontario) Ltd. (announced August 9, 2018); and (b) a binding agreement dated July 25, 2019, to enter into an equity line of credit agreement with Sea Otter Global Ventures, LLC (announced July 26, 2019). Steve Gormley commented: "We would like to express our deep gratitude to Gravitas and Cannaccord for their participation in last January's $5M round. Both organizations were critical in helping ICL execute its mission. While we appreciate the support we have received from Gravitas and Cannaccord, and look forward to working with them in the future, we are presently securing financing from strategic, private investors through our network of high net worth individuals and veteran cannabis investors, all under historically favorable terms for the Company. As such, we are no longer pursuing brokered rounds of financing. Additionally, to further signal to the market that we are only taking in favorable financing, we have opted to discontinue and cancel our lines of credit with Alumina and Sea Otter. Alumina and Sea Otter were tremendously helpful in the earlier development of the Company. International Cannabrands has entered a new phase as we develop CBD brands and continue to answer the market's demand for a course correction."
About International Cannabrands (ICI)
International Cannabrands is a CBD and cannabis focused brand portfolio, leveraging the potential of the plant by offering best of breed products that naturally complement today's consumer lifestyles. The Company's mission is to build and market a diversified portfolio of cannabis and CBD brands, with strategic manufacturing and distribution partnerships to support better EBITDA and margins. ICI markets products with THC content where that practice has been legalized at the state level through either medicinal or full recreational use. ICI also markets products containing CBD in the US and internationally. The Company believes as the legal cannabis and CBD markets evolve, high-quality, unique products will increasingly capture market share and provide a valuable platform for growth.
International Cannabrands Contact:
Steve Gormley Chief Executive Officer, 12655 W Jefferson Blvd, Los Angeles, CA, 90066 Ph: (323) 828-4321 or steve.gormley@intlcannabrands.com Media Inquiries: media@intlcannabrands.com.
Investor Relations Contact:
Dave Burwell, Vice President, The Howard Group
#350, 318 - 11 Avenue SE Calgary, AB T2G 0Y2
Ph: (403) 221-0915 or dave@howardgroupinc.com
Media Inquiries:
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Disclaimer concerning Forward-looking Statements
Certain statements included herein constitute "forward-looking statements" relating to the timing and execution of the Company's revised strategy, within the meaning of applicable securities laws. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by management at this time, are inherently subject to significant business, economic and competitive uncertainties and contingencies. Investors are cautioned not to put undue reliance on forward-looking statements. Additional risks and uncertainties regarding the Company are described in its publicly-available disclosure documents filed by the Company on SEDAR (www.sedar.com). The forward-looking statements contained in this news release represent the Company's expectations as of the date of this news release, or as of the date they are otherwise stated to be made, and subsequent events may cause these expectations to change. Except as required by law, the Company does not intend, and undertakes no obligation, to update any forward-looking statements to reflect, in particular, new information or future events.
SOURCE: International Cannabrands Inc.
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