ICC Labs Receives Two Additional Medicinal Cannabis Licenses in Colombia
February 27 2018 - 7:30AM
Highlights:
ICC Labs Inc. (“
ICC Labs” or the
“
Company”) (TSX-V: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.
For more information, please contact:
ICC Labs Inc.Alejandro Antalich, Chief Executive Officer t:
598-2900-0000e: ir@icclabs.com