ICC Labs Signs LOI to Export Cannabis to Germany for Medicinal Purposes
May 22 2018 - 9:25AM
ICC Labs Inc. (“ICC Labs” or the “Company”) (TSX-V:ICC)
(Frankfurt:2Q9) is pleased to announce that it has signed a letter
of intent with CanPharma GmbH (
“CanPharma”), a
licensed importer and wholesaler of narcotics in the Federal
Republic of Germany.
Through its relationship with CanPharma, ICC
Labs intends to export to Germany cannabidiol (CBD) isolate, oils
and other derivatives, as well as various medicinal
tetrahydrocannabinol (THC) cannabis products, including dried
flowers and cannabis extracts from our facilities in Uruguay and
Colombia. The export arrangement for (THC) cannabis products is
subject to receipt of the requisite regulatory approvals and the
negotiation of definitive agreements by the end of second quarter
in 2018.
Germany, with a population of 83 million people,
€3.3 trillion in GDP and €320 billion of healthcare expenditure, is
home to Europe’s largest medical cannabis market. Germany is
already leading the way among European countries with a market
value of €10.2 billion (US$11.9 billion).(1)
“As part of our strategy to gain a foothold in
the European markets, we expect that CanPharma would distribute
imported “BIDIOL” branded CBD oils and other medicinal CBD
derivatives through German pharmacies. Our CO2 extraction
laboratory currently under construction in Uruguay’s Science Park
free trade zone in accordance with international Good Manufacturing
Practices (GMP) guidelines is expected allow us to meet all the GMP
requirements from the German regulatory authorities.
As we previously announced on March, 2018, we
signed a term sheet for the acquisition of a strategic 25% interest
in Global Group Kalapa S.L., a private company headquartered in
Spain. We are now seeking to further our entrance into the European
market with our CanPharma relationship, which will also facilitate
our sale of medicinal products through B2B distribution channels.
We look forward to diversifying our operations from two low cost
jurisdictions in Latin America, with our European expansion into
the B2B market,” commented Alejandro Antalich, Chief Executive
Officer of ICC Labs.
Note: (1) Source: Zhang, Mona.
“German Parties Consider Sale of Marijuana in Pharmacies Or
Dispensaries”, (2017), online: www.forbe.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 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.
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,
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“intend”, “plan”, “continue”, “will”, “may”, “would”, “anticipate”,
“estimate”, “forecast”, “predict”, “project”, “seek”, “should” or
similar expressions or the negative thereof, are forward-looking
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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 and medicinal products, and ICC’s ability to complete the
construction of its extraction laboratory. 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.
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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
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otherwise, except as required by law.