VANCOUVER, British Columbia, April 26, 2018 (GLOBE NEWSWIRE) -- 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: 598-2900-0000
e: 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.