Highlights:
ICC Labs Inc. (“
ICC Labs” or the
“
Company”) (TSX-V:ICC) (Frankfurt:2Q9) is pleased
to announce that it has entered into a term sheet with
Canadian-based Sundial Growers Inc. (“
Sundial”), a
Health Canada ACMPR-approved licensed producer of medicinal
cannabis.
Pursuant to the term sheet, the parties have
agreed to negotiate definitive commercial agreements for the sale
by ICC Labs of up to 250,000 grams of CBD crystal per year for
distribution by Sundial in the Canadian and international markets,
subject to ICC completing its GMP certified laboratory and Sundial
obtaining its sales license. Under the term sheet, CBD will be
imported into Canada through Sundial’s partnerships with licensed
dealers under the Canadian Narcotics Control Regulations. All
imported product will be tested in accordance with the requirements
of the ACMPR.
The term sheet also provides that ICC Labs and
Sundial will jointly create new brands for future distribution by
Sundial.
“This term sheet is an important step for ICC
Labs as it will enable us to expand our footprint in Canada,” said
Alejandro Antalich, Chief Executive Officer of ICC Labs. “Sundial’s
core expertise in marketing and branding coupled with ICC Labs
product development capabilities will be a great benefit to
patients in Canada.”
Torsten Kuenzlen, Sundial CEO said, “This term
sheet gives Sundial access to a quality source of CBD from
international producer ICC Labs. We believe that CBD products are
in high demand and the term sheet is key in allowing us to secure
the supply needed to meet patient and consumer demand in the
Canadian market and beyond.”
Alejandro Antalich, CEO of ICC Labs added:
“We’re very excited to be working with Sundial to provide them with
high-quality CBD at competitive price points. Having production
licenses in the two low-cost jurisdictions in South America will
give us tremendous advantage in supplying high-quality cannabinoid
products at very competitive prices to Canadian customers. With
this new agreement, we continue our expansion into the global
market.”
The transactions contemplated by the term sheet
are subject to the parties entering into definitive commercial
arrangements, the construction of ICC Labs’ GMP certified
extraction laboratory, and applicable regulatory approvals,
including those from TSX Venture Exchange (the “TSX-V”) and Health
Canada.
ABOUT SUNDIAL GROWERS INC.
Sundial is a privately held, Alberta-based
ACMPR-approved licensed producer of medical cannabis. Sundial
combines tried and true heartland farming practices with innovative
horticultural techniques to grow a select range of cannabis
strains. Sundial’s focus is on producing consistent cannabis that
its customers can trust.
Sundial currently operates a 31,000 square foot
production facility in Rocky View, Alberta, and has two separate
production facilities in various stages of completion and
licensing.
For more information about Sundial Growers Inc.,
visit www.sundialgrowers.com.
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 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 visit
www.icclabs.com.
Contact:ICC Labs Inc.Alejandro Antalich, Chief
Executive Officer t: 598-2900-0000e: ir@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: receipt of the requisite regulatory
approvals required to import to Canada or for Sundial to sell
medicinal cannabis and ICC’s ability to complete the construction
of its extraction laboratory and successfully produce CBD.
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.