Construction Begins on Colombian Cannabis Cultivation Greenhouse
April 26 2018 - 9:32AM
ICC Labs Inc. (“ICC Labs” or the “Company”) (TSX-V:ICC)
(Frankfurt:2Q9) is pleased to announce that it has started building
a 124,000 sq. ft. greenhouse in Tabio, Cundinamarca, close to
Bogotá, where the Company intends to produce psychoactive cannabis
plants with up to 20% THC content for medicinal purposes. The
construction is expected to be completed as early as June 2018.
The greenhouse will be located on a total of
172,223 sq. ft. of land leased by ICC Labs which will also provide
the area required to grow, store and manufacture derivatives,
allowing ICC Labs to fully trace product through its production
cycle.
Alejandro Antalich, Chief Executive Officer of
ICC Labs, commented, “We are very enthusiastic about the
construction of our Colombian greenhouse as it is a major milestone
in the commencement of our Colombian operations. We view our
prospective Colombian operations as having many benefits for the
Company, including:
- we are able to and have obtained the requisite, domestic
banking relationships required to conduct business in
Colombia;
- we will gain access to the domestic, medicinal cannabis market
of Colombia, a country with over 50 million people;
- we view Colombia as a strategic production location, as it is
geographically proximate to the Latin American market, including
México where ICC Labs has already taken steps to commence
sales;
- between our Uruguayan and Colombian licenses, we expect to
operate in the psychoactive (THC) and non-psychoactive (CBD)
medicinal market segments in both the domestic Uruguayan and
Colombian markets and the international export market;
- commencing CBD production in Colombia will diversify our
outdoor production risk as Colombia’s climactic conditions differ
from Uruguay’s and will permit a full year production cycle;
and
- Colombia should be an excellent base for export-oriented
operations as Colombia currently has the highest percentage (44%)
of any country of the global quota for cannabis assigned by the
International Narcotics Control Board, which seeks to ensure
adequate availability of narcotic drugs and psychotropic substances
for scientific and medical purposes.”
The Company’s Colombian operations remain
subject to the approval of the TSX Venture Exchange.
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 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 and ICC’s ability to complete the construction
of its greenhouse and successfully cultivate psychoactive cannabis
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.