Highlights:
ICC Labs Inc. (“ICC Labs” or the “Company”) (TSX-V:ICC)
(Frankfurt:2Q9) is pleased to announce it has entered into a
presale agreement with a Colombia based company, Hlessing
Industries (“Hlessing”) to supply cannabidiol (“CBD”) and
tetrahydrocannabinol (“THC”) derivatives for medicinal purposes in
Colombia.
Hlessing supplies customers in diverse global
industries, including pharmaceuticals, biotechnology, cosmetics,
nutraceuticals, personal care, high purity products, food and
beverage. Hlessing utilizes Good Distribution Practices (GDP) as
outlined by The International Pharmaceutical Excipients Council
(IPEC).
In July 2017, Hlessing expanded its business by
acquiring the American Health Institute, which is also based in
Colombia. Hlessing’ major customers are Cruz Verde, Eticos Serrano
Gómez, Salud Market, Cafam Droguerías, among others.
Through its first presale agreement, ICC Labs
will sell the following products and quantities:
- 42,000 grams of THC extract
- 11,000 grams of CBD extract
- 118,000 millilitres of THC oil
- 30,000 millilitres of CBD oil
The transactions contemplated by the presale
agreement remain subject to the parties negotiating a definitive
agreement to determine, among other things, the price and
concentrations of the products to be sold, and receipt of requisite
regulatory approvals, including that of the TSXV.
Alejandro Antalich, Chief Executive Officer of
ICC Labs, commented, “By taking steps to gain access to the
domestic medicinal cannabis market of Colombia, we are very excited
to be continuing our expansion plans for Latin America. We view the
Colombian market has having good potential, given that in the last
ten years, its gross domestic product has averaged 4.7% and
it has a population of approximately 48 million people. As we are
fully licensed for both CBD and THC production within Colombia, we
expect to operate within both segments of the domestic medicinal
market.
As an integrated Latin American cannabis
producer with a leading position in Uruguay, we are expanding our
leadership to the Colombian market. We now have a total of five
sites to be used for cultivation spanning more than 840 acres over
the two countries and are continuing to build Latin America’s first
C02 CBD extraction laboratory.”
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,
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, including from the TSXV, production and export
of CBD, THC and medicinal products, and ICC’s ability to commence
operations 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.
Note: All demographic data
contained herein was obtained from the CIA’s World Factbook.