ICC Labs Completes Its First Outdoor Harvest and Prepares to Produce Its First CBD Extracts
June 21 2018 - 8:09AM
ICC Labs Inc. (“ICC Labs” or the “Company”) (TSX-V:ICC)
(Frankfurt:2Q9) is pleased to announce that it has completed its
first outdoor harvest of hemp. The Company harvested hemp planted
on approximately 430 acres of land distributed between its
Canelones and Flores sites. The Company is now commencing the
drying process for the harvested material, which will take between
three to four weeks, and is preparing the soil for the next
seeding, expected to occur next September.
This first outdoor crop will provide ICC Labs’
agronomists the opportunity to analyze and discover the behaviour
of the three strains ICC Labs planted so as to optimize future
planting in accordance with local, Uruguayan climatic and soil
conditions.
ICC Labs is also pleased to announce that it has
completed the construction of its temporary laboratory in Uruguay’s
Science Park, which will become a permanent analytical laboratory
after the Company’s larger-scale CO2 extraction facility is
constructed and begins running at full capacity.
The Company expects the Ministry of Health to
complete its final inspection of the temporary laboratory by the
end of June so as to verify compliance with the applicable Good
Manufacturing Practices (GMP) standards. After such verification,
ICC Labs will be able to commence operations at the temporary
laboratory and begin to develop and optimize its extraction
processes, and to manufacture batches for the stability studies
required by the Ministry of Health so as to register the final
product.
“Both our temporary laboratory and permanent
laboratory have been designed according to the highest
international standards of quality for the pharmaceutical industry
(FDA, EC, WHO, ICH, PIC/s, ISPE, etc.) applying concepts of risk
management and total compliance with GMP and applicable control
requirements.
From the beginning of the project, we have been
committed to:
- using seeds with verified and registered genetics;
- growing, harvesting and managing our plantations according to
good agricultural practices for medicinal plants;
- optimizing and validating operational parameters to ensure
consistent, strong and reproducible processes;
- defining on a science and risk-based approach, critical control
points for the monitoring of our processes;
- having preset specifications for the quality attributes of our
products, covering physicochemical and microbiological
characteristics;
- performing all the necessary analysis to demonstrate compliance
with the quality specifications;
- implementing and maintaining a quality system in line with the
Guidance for Industry Q10 Pharmaceutical Quality System, FDA, April
2009, covering aspects of our system that may have an impact on
product quality and safety of the patients; and
- obtaining quality product at an affordable cost.
We have a multidisciplinary team of highly
trained professionals with wide experience in the pharmaceutical
industry and in the implementation of policies of quality and GMP
standards.
Further, all of our equipment and systems to be
used in the production of CBD and control of related processes were
purchased from reputable manufacturers recognized at an
international level and who specialized in the design and
construction of equipment for processing of plant-based products”,
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 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: 598-2900-0000 ext. 404e: 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, production and export of hemp and CBD and
completion and GMP certification of its extraction laboratories.
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.