Highlights:
ICC Labs Inc. (“
ICC Labs” or the
“
Company”) (TSX-V:ICC) is pleased to provide an
operational update with respect to its recreational cannabis
business in Uruguay.
ICC Labs continues to work with Ministry of
Health, IRCCA (Cannabis Regulation and Control Institute) and other
partners to improve its production capacity in order to meet
Uruguay’s growing domestic demand for recreational cannabis.
Recreational Cannabis Production
Update
Since July 19, 2017, ICC Labs has sold 66,512
packages of recreational cannabis consisting of five grams per
package through licensed pharmacies approved by the Ministry of
Health and IRCCA. To date, the Company has produced more than 1,000
kilograms of recreational cannabis for the Uruguayan domestic
market.
Continued increases in Uruguayan
Registered Users
The Uruguayan recreational cannabis registry
registered 17,377 new users from July 19, 2017 to March 4th, 2018,
bringing total active registered users to 21,877.
The Company also expects authorizations for
additional points of sale at new pharmacies seeking sales licenses,
which should be supportive to the registered user base.
Due to the increase in the number of registered
users in the recreational cannabis registry over the last seven
months, and the resulting expected increase in demand, the Company
has informed IRCCA of the Company’s increased annual production
target for dried recreational cannabis from two tonnes per year to
five tonnes per year. Sales for the additional three tonnes of
cannabis are subject to approval from IRCCA.
The Company expects its existing greenhouse
facility in San José, Uruguay, which is comprised of more than
70,000 square foot of production space, to be able to accommodate
the increased production quota.
Approval of New THC and CBD Levels and
Pricing
The Company is also pleased to announce the
approval by IRCCA and Ministry of Health of new levels of
recreational cannabis with THC ≤ 9% and CBD ≥ 3%. In addition
to these new levels, IRCCA has approved an increase in the sales
price for dried recreational cannabis of 6.5% to U.S.$ 1.41 per
gram effective January 2018.
Commitment to Production
Quality
While the Company is increasing production
volumes, it continues to emphasize its products’ quality. The
Company continues to focus on pharmaceutical grade standards with
all products registered under the Ministry of Health.
“We continue to advance our business plan
methodically, adjusting continuously to reflect the rapidly
changing environment in this sector. We are very proud of the great
efforts put forth by our entire team so far and remain committed to
delivering on the potential of ICC Labs," commented 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 increased
recreational cannabis production in accordance with requisite
regulatory requirements, and to successfully grow and harvest
sufficient indoor marijuana crops to meet its new quota, and
whether expected demand for recreational cannabis and increases to
registered user numbers will materialize. 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
Photos accompanying this announcement are available
at:
http://www.globenewswire.com/NewsRoom/AttachmentNg/6b3dcc9a-4e9a-4e28-9223-9c9db5e39a24
http://www.globenewswire.com/NewsRoom/AttachmentNg/a371eb81-da3f-45e2-89fe-52268a844160