ICC Labs Inc. Announces Sale Agreement of 150 Kilograms of CBD to Nuuvera Inc.
VANCOUVER, BRITISH COLUMBIA–(Marketwired – Jan. 23, 2018) - ICC Labs Inc. (“ICC Labs” or the “Company“) (TSX VENTURE:ICC), a fully licensed producer and distributor of medicinal cannabinoid extracts, recreational cannabis and industrial hemp products in Uruguay, is pleased to announce that its subsidiary, Tersum S.A., will export cannabidiol (“CBD“) crystal to ARA – Avanti Rx Analytics Inc. (“Avanti“), a subsidiary of Nuuvera Inc. (“Nuuvera“) (TSX VENTURE:NUU). Avanti holds a dealer licence under the Controlled Drugs and Substances Act (Canada) and its regulations overseen by Health Canada.
“We are pleased to enter into this sale agreement with Nuuvera and look forward to establishing an important relationship with significant Canadian players in the cannabis space,” commented Alejandro Antalich, Chief Executive Officer of ICC Lab. “This agreement further validates our Active Pharmaceutical Ingredient (“API“) platform on an international scale and positions ICC Labs for additional distribution opportunities. ICC Labs expects to produce its API’s under the Good Manufacturing Practices (“GMP“) regulations and guidelines to ensure product specifications, safety and consistent efficacy. The sale and export to Avanti will increase our presence in the Canadian market.”
Pursuant to the terms of the agreement, Avanti has agreed to purchase 150 kilograms of CBD in 2018. Avanti has also agreed to provide a deposit of US$150,000 (one hundred and fifty thousand U.S. dollars) against the future CBD purchases.
The export and import of the CBD under the agreement are subject to applicable regulatory approvals, including those from the TSX Venture Exchange (the “TSX-V“) and applicable governmental authorities in Uruguay and Canada and receipt of all applicable permits.
ICC Labs is committed to complying with GMP, and its CBD extraction laboratory is being constructed in accordance with architectural plans and schematics to meet these high standards. GMP is a recognized protocol for ensuring that products are consistently produced and controlled according to strict and high quality standards.
ABOUT ICC LABS INC.
The Company has operations in Uruguay, and is focused on becoming the worldwide leading producer of cannabinoids 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 see the Company’s filings on www.sedar.com and www.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: the Company’s ability to complete the construction of its cannabinoid extraction laboratory in a timely fashion and in accordance with requisite regulatory requirements, or at all, to obtain all requisite regulatory approvals for the production and export of cannabinoid based products, to produce various cannabinoid based products in a cost-effective manner, in compliance with GMP, or at all, and to successfully grow and harvest sufficient outdoor hemp crops to operate its prospective CBD 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. 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.
Chief Executive Officer