The Vancouver cannabis company is hoping to leverage this new repertoire of brands to capture market share in Europe, where it boasts operating licenses in 13 countries. In addition to its marketing impact, the ABG partnership offers access to tens of thousands of distribution channels and points of sale where existing offerings can be sold alongside CBD products.
In response to the news, ICC International Cannabis shares rose 2.4% to hit $0.34 in Tuesday’s afternoon trading.
“We believe that whether consumers are familiar with CBD or are first-time users, they will gravitate towards these recognizable brand names that already resonate strongly across other key categories, rather than a newly created branding effort, or niche so-called millennial brands, which is a path many other companies are taking,” Eugene Beukman, CEO and a director of International Cannabis, said in a statement.
Other brands recently licensed by ICC are named after golfing great Greg Norman and the lingerie purveyor Frederick’s of Hollywood.
“We believe in the extraordinary potential of the CBD category and look forward to collaborating with ICC to launch these brands in CBD across the European market,” said Daniel Dienst, executive chairman with ABG.
The licensing agreement with ABG was struck on March 18 and lasts for 10 years.
Headquartered in New York, Authentic Brands is a brand development and entertainment company that owns an extensive portfolio of brands.
ICC International Cannabis, meanwhile, is developing an international platform for cannabis cultivation, extraction, formulation and distribution, with operations in the UK, Denmark, Poland, Switzerland, Germany, Macedonia, Bulgaria, Serbia, Croatia, Greece, Italy, Portugal, Malta, Colombia, Argentina, Australia, South Africa and Lesotho.
