VANCOUVER, British Columbia, June 05, 2018 (GLOBE NEWSWIRE) -- ICC Labs Inc. (“ICC Labs” or the “Company”) (TSXV:ICC) (Frankfurt:2Q9) is pleased to announce it has entered into a presale agreement with a Colombia based company, Hlessing Industries (“Hlessing”) to supply cannabidiol (“CBD”) and tetrahydrocannabinol (“THC”) derivatives for medicinal purposes in Colombia.
Hlessing supplies customers in diverse global industries, including pharmaceuticals, biotechnology, cosmetics, nutraceuticals, personal care, high purity products, food and beverage. Hlessing utilizes Good Distribution Practices (GDP) as outlined by The International Pharmaceutical Excipients Council (IPEC).
In July 2017, Hlessing expanded its business by acquiring the American Health Institute, which is also based in Colombia. Hlessing’ major customers are Cruz Verde, Eticos Serrano Gómez, Salud Market, Cafam Droguerías, among others.
Through its first presale agreement, ICC Labs will sell the following products and quantities:
42,000 grams of THC extract
11,000 grams of CBD extract
118,000 millilitres of THC oil
30,000 millilitres of CBD oil
The transactions contemplated by the presale agreement remain subject to the parties negotiating a definitive agreement to determine, among other things, the price and concentrations of the products to be sold, and receipt of requisite regulatory approvals, including that of the TSXV.
Alejandro Antalich, Chief Executive Officer of ICC Labs, commented, “By taking steps to gain access to the domestic medicinal cannabis market of Colombia, we are very excited to be continuing our expansion plans for Latin America. We view the Colombian market has having good potential, given that in the last ten years, its gross domestic product has averaged 4.7% and it has a population of approximately 48 million people. As we are fully licensed for both CBD and THC production within Colombia, we expect to operate within both segments of the domestic medicinal market.
As an integrated Latin American cannabis producer with a leading position in Uruguay, we are expanding our leadership to the Colombian market. We now have a total of five sites to be used for cultivation spanning more than 840 acres over the two countries and are continuing to build Latin America’s first C02 CBD extraction laboratory.”
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 as well as 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 cannabinoid extracts, giving support and promoting responsible use for medicinal purposes, backed by scientific research and innovation, while following strict compliance with standards for quality and safety.
For more information, please visit www.icclabs.com.
ICC Labs Inc.
Alejandro Antalich, Chief Executive Officer
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: receipt of the requisite regulatory approvals required, including from the TSXV, production and export of CBD, THC and medicinal products, and ICC’s ability to commence operations 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 b