VANCOUVER, British Columbia, Feb. 27, 2018 (GLOBE NEWSWIRE) -- ICC Labs Inc. (“ICC Labs” or the “Company”) (TSXV:ICC) is pleased to announce that the Ministry of Justice and Law of the Republic of Colombia has granted ICC Labs’ Colombian subsidiary a license to cultivate psychoactive cannabis plants for medicinal purposes for domestic and international distribution. The Ministry of Health of the Republic of Colombia has also granted ICC Labs’ Colombian subsidiary a license to manufacture cannabis derivatives for medicinal purposes. ICC Labs’ Colombian licenses are each valid for a period of five years and are renewable upon request within three months of expiration.
“The Government of Colombia has demonstrated know-how, sophistication and professionalism during the licensing process, and we are looking forward to commencing business in the jurisdiction. We are extremely pleased that we have been successfully licensed in Colombia as our team has been working extremely hard to get through the rigorous regulatory process. We feel very confident about diversifying our operations with this new venture located in a country with 50 million people and favourable geographic and environmental conditions”, commented Alejandro Antalich, Chief Executive Officer of ICC Labs.
Further, the International Board for the Control of Narcotics recently assigned Colombia a quota equal to 44% of global medicinal cannabis production authorized by the board. The Company will be seeking to take advantage of this situation in order to export cannabis derivatives for medicinal purposes to legal markets throughout the world, such as Canada and Germany.
The Company expects to commence the construction of a 124,000 sq. ft. greenhouse within the next 30 days, where it will grow psychoactive cannabis plants with 20% THC content for medicinal purposes. Upon the completion of its greenhouse, the Company expects to produce between 8,000 kilograms and 12,000 kilograms of dried psychoactive cannabis flowers during its initial year of production, with quantities increasing upon the establishment of its full production cycle. In addition, in accordance with the Company’s previously announced licenses for non-psychoactive cannabis production, the Company expects to commence growing cannabis strains with at least 15% CBD at an outdoor location within Colombia. The Company’s Colombian operations remain subject to the approval of the TSX Venture Exchange.
“We are very excited about our growing portfolio of cannabis-related assets in Uruguay and Colombia. Our total outdoor acreage available for CBD-strain production is now 680 acres, while our total greenhouse area for THC-strain production is expected to reach 200,000 sq. ft. In addition, we have an extraction laboratory currently being constructed with state of the art technology and in accordance with GMP (Good Manufacturing Practices) specifications in the free trade zone “Science Park” located in Canelones, Uruguay, with an expected processing throughput of 150,000 kilograms of dried flowers per year. We therefore believe ICC Labs is positioned to become a leader in the fully-integrated cannabis business in Latin America”, concluded Alejandro Antalich, Chief Executive Officer of ICC Labs.
ABOUT ICC LABS INC.
ICC Labs is a fully licensed producer and distributor of medicinal cannabinoid extracts, recreational cannabis and industrial hemp products in Uruguay and a fully licensed producer of medicinal cannabis in Colombia. The Company has active operations in Uruguay, and is focused on becoming the worldwide leading producer of cannabinoids extracts, giving support and promoting the responsible use for medicinal purposes, backed by scientific research and innovation, while following strict compliance and the highest standards for quality and safety. For more information, please see the Company’s filings on www.sedar.com and www.icclabs.com.
Neither the TSX-V nor its Regulation Services Provider (as that term is defined in the policies of the TSX-V) accepts responsibility for the adequacy or accuracy of this release.
Certain statements in this press release constitute forward-looking information. All statements other than statements of historical fact contained in this press release, including, without limitation, those regarding the Company’s future production and sales, results of operations, strategy, plans, objectives, goals and targets, and any statements preceded by, followed by or that include the words “believe”, “expect”, “aim”, “intend”, “plan”, “continue”, “will”, “may”, “would”, “anticipate”, “estimate”, “forecast”, “predict”, “project”, “seek”, “should” or similar expressions or the negative thereof, are forward-looking statements. These statements are not historical facts but instead represent only the Company’s expectations, estimates and projections regarding future events. These statements are not guarantees of future performance and involve assumptions, risks and uncertainties that are difficult to predict. Therefore, actual results may differ materially from what is expressed, implied or forecasted in such forward-looking statements.
Additional factors that could cause actual results, performance or achievements to differ materially include, but are not limited to: the Company’s ability to commence Colombian operations in accordance with requisite regulatory requirements, to complete construction of the proposed Colombian greenhouse in a timely or cost-effective manner, to obtain all requisite regulatory approvals for the production and export of cannabis based products from Colombia, to produce various cannabinoid based products in a cost-effective manner, or at all, and to successfully grow and harvest sufficient outdoor CBD crops and indoor THC crops in Colombia. Additional information identifying risks and uncertainties is contained in the Company’s filings with Canadian securities regulators, and available at www.sedar.com. Management provides forward-looking statements because it believes they provide useful information to investors when considering their investment objectives and cautions investors not to place undue reliance on forward-looking information. Consequently, all of the forward-looking statements made in this press release are qualified by these cautionary statements and other cautionary statements or factors contained herein, and there can be no assurance that the actual results or developments will be realized or, even if substantially realized, that they will have the expected consequences to, or effects on, the Company. These forward-looking statements are made as of the date of this press release and the Company assumes no obligation to update or revise them to reflect subsequent information, events or circumstances or otherwise, except as required by law.