ICC Labs Files Financial Results for the Second Quarter Ended June 30 and Completes the Construction of Its 124,000 sq. ft. G...
August 30 2018 - 7:42AM
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.
Contact:ICC Labs Inc.Alejandro Antalich, Chief
Executive Officer t: 598-2900-0000 ext. 404e:
ir@icclabs.com
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.
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