VANCOUVER, BRITISH COLUMBIA--(Marketwired - June 6, 2017) -
Approval by Uruguayan government of an additional 494 acres of CBD flower production for cannabinoid extracts and by-products for medicinal use, bringing total CBD flower land package to almost 560 acres.
ICC increases its initial production plan by approximately 800% with this land acquisition becoming one of the largest licensed acreages for CBD production in the world.
ICC positioned to be one of the largest low cost producer of CBD.
ICC International Cannabis Corporation ("ICC" or the "Company") (TSX VENTURE:ICC) has received approval from the Uruguayan regulatory authorities to increase the Company's land package by an additional 494 acres to produce cannabinoid extracts and by-products for medicinal use. Concurrently with these approvals, the Company entered into a land lease in respect of the acreage.
"Our increased licensed land package will allow ICC to increase its initial production plan by 800%, to continue ICC's strategy of becoming the world's largest low-cost producer of CBD by 2018," commented Guillermo Delmonte, Chief Executive Officer of ICC.
Set out below is a summary of the Company's current licensed acreage and estimated production capacity by product type as compared with its licensed acreage and estimated production capacity at the time of its listing on the TSX Venture Exchange:
(1) The date on which the Company's common shares commenced trading on the TSX Venture Exchange.
The Company expects to commence production of CBD flower for medicinal use by the end of September, 2017 with estimated annual production capacity of up to approximately 160 tonnes of CBD dried flower for medicinal use, representing an increase of approximately 50 tonnes from the Company's initial annual production targets.
In addition to the licensed acreage, the Company is continuing construction of the first CBD extraction laboratory in South America using the supercritical fluid CO2 extraction technique with state-of-the-art equipment from Europe. The laboratory will be built in Uruguay's "science free trade zone". The extraction laboratory will be situated in an area over 16,146 sq. ft., with construction set for completion in April, 2018.
ABOUT ICC INTERNATIONAL CANNABIS CORPORATION
The Company has operations in Uruguay, and is focused on the licensed production, development and sale of recreational cannabis, cannabinoid extracts and other derivatives used for medicinal purposes and industrial hemp. For more information, please see the Company's filings on www.sedar.com and www.intcannabiscorp.com.
Neither the TSX Venture Exchange ("TSXV") nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.
Certain information in this press release may constitute forward-looking information, including production estimates, and anticipated timing for commencement of production and completion of construction. This information is based on current expectations that are subject to significant risks and uncertainties that are difficult to predict, including the Company's ability to obtain any requisite regulatory approvals. Actual results might differ materially from results suggested in any forward-looking statements. The Company assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those reflected in the forward looking-statements unless and until required by securities laws applicable to the Company. Additional information identifying risks and uncertainties is contained in the Company's filings with Canadian securities regulators, which filings are available at www.sedar.com.