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ICC Labs Files Financial Results for the Second Quarter Ended June 30 and Completes the Construction of Its 124,000 sq. ft. Greenhouse in Colombia to Produce Psychoactive Medicinal Cannabis
VANCOUVER, British Columbia, Aug. 30, 2018 (GLOBE NEWSWIRE) -- ICC Labs Inc. (“ICC Labs” or the “Company”) (TSX-V: ICC) is pleased to announce that it has filed its interim financial results for the second quarter ended June 30, 2018. ICC Labs is also pleased to announce that has completed the construction of its 124,000 sq. ft. greenhouse in Tabio, which is strategically located just north of Bogotá, where the Company intends to produce psychoactive cannabis with up to 20% of tetrahydrocannabinol (THC) for medicinal purposes, subject to approval of the TSX Venture Exchange.
The financial statements and management discussion and analysis for the three and six months ended June 30, 2018, are available on the System for Electronic Document Analysis and Retrieval (“SEDAR”) at www.sedar.com and on ICC Labs’ website at www.icclabs.com.
“We are very enthusiastic about the development of our operations in Uruguay and Colombia. ICC Labs has been able to integrate its production of cannabidiol (CBD) oils in Uruguay using our proprietary CO2 extraction laboratory, which is located in Uruguay’s Free Trade Zone ‘Science Park’ and designed in compliance with the Good Manufacturing Practices (GMP) with the potential production capacity of THC derivatives in Colombia, which currently has the highest percentage (44%) of the global quota for cannabis assigned by the International Narcotics Control Board. ICC Labs has strengthened its position as one of the largest medicinal cannabis suppliers for the South America market,” commented Alejandro Antalich, CEO of ICC Labs.
During the second quarter of 2018, the Company focused its efforts on completing the construction of the new facilities in Uruguay and Colombia to take steps to expand both business segments.
The Uruguayan Government granted the Company an additional land package of approximately 55,000 sq. ft. in order to increase its production capacity at the recreational facility. In addition, the Uruguayan Government also increased the sale price of recreational cannabis by approximately 7%.
ICC Labs successfully 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 built and begins operating at full capacity. As at today, the Uruguayan Ministry of Health completed the final inspection in accordance with Good Manufacturing Practices (GMP) guidelines. The Company expects to receive the authorization to start with the first extractions shortly. The state-of-the-art CO2 extraction laboratory in Uruguay is expected to be inaugurated in October 2018, the first one of its kind in South America, with an expected annual capacity of 150,000 kg of dry flower.
The completion of the construction of the 124,000 sq. ft. greenhouse in Colombia is a new milestone for the Company. It is divided into four different areas which will be used for the germination, conservation of mother plants, vegetative growth and flowering. It is located on 172,223 sq. ft. of land, which will also provide up to 4,000 sq. ft. to dry, store and manufacture derivatives.”
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.
ICC Labs Inc.
Alejandro Antalich, Chief Executive Officer
t: 598-2900-0000 ext. 404
Neither the TSX Venture Exchange (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 for the Colombian operations, to complete the GMP certification of its extraction laboratory, and to scale its production. 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.