ICC Labs Inc. Receives Medicinal Cannabis License in Colombia
VANCOUVER, BRITISH COLUMBIA–(Marketwired – Jan. 25, 2018) -
- The Ministry of Justice and Law of the Republic of Colombia granted ICC Labs Inc., through its subsidiary ICC International Cannabis Corp Colombia S.A.S., a license for the cultivation of non-psychoactive cannabis plants and a license for the use of seeds for planting.
- ICC Labs Inc. now has cannabis production licenses in two low-cost Latin America locations so as to position itself to produce pharmaceutical-grade medicinal cannabinoid extracts for export worldwide.
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 the Ministry of Justice and Law of the Republic of Colombia has granted its wholly-owned subsidiary two licenses. One license permits ICC Labs to cultivate non-psychoactive cannabis plants to produce various medicinal cannabis-based products for domestic and international distribution. The second license permits ICC Labs to obtain cannabis seeds under the Colombian regulatory regime and use such seeds for its operations. ICC Labs’ Colombian licenses are each valid for a period of five years and are renewable upon request within three months’ of expiration.
“Obtaining Colombian licenses further establishes ICC Labs as the leading cannabis producer in Latin America and solidifies our international presence in low-cost jurisdictions,” commented Alejandro Antalich, Chief Executive Officer of ICC Labs. “The Colombian approval process was rigorous and requires, among other things, the creation of social development projects at our cultivation locations. We believe that our experience in Uruguay, where we have recently planted more than 430 acres of non-psychoactive cannabis to be used for cannabidiol (“CBD“) oil production, will give us a competitive advantage over other Colombian license holders.”
ICC Labs expects to commence licensed outdoor planting of non-psychoactive cannabis seeds on 250 acres of land the Company has secured for this purpose, subject to approval of the TSX Venture Exchange (the “TSX-V“). The Company believes that it obtained an excellent production site to base its Colombian operations and notes that the weather conditions in Colombia are optimal for year-round outdoor production. The Company also expects to increase its Colombian acreage according to global demand for its products, as its current Colombian licenses do not have any production limitations. Colombia has a population of 50 million citizens and is geographically proximate to México, one of the markets where ICC Labs has already taken steps to commence sales.
“Our Company has substantial expertise navigating complex and evolving regulatory regimes, having successfully commenced operations in Uruguay, the first country to fully legalize cannabis use. We will apply this experience and approach in our operations in Colombia and are optimistic that we will build a similarly strong relationship with the Colombian authorities as they seek to increase opportunities for their country and its people,” concluded Alejandro Antalich, Chief Executive Officer of ICC Labs.
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 commence Colombian operations in accordance with requisite regulatory requirements, or at all, to obtain all requisite regulatory approvals for the production and export of cannabinoid based products from Colombia or import to México, to produce various cannabinoid based products in a cost-effective manner, or at all, and to successfully grow and harvest outdoor cannabis crops 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.
Chief Executive Officer