VANCOUVER, BRITISH COLUMBIA–(Marketwired – Jan. 5, 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 the increase of the expected production capacity of its cannabinoid extraction laboratory currently being constructed. The expansion will position the Company as a global supplier of medicinal products, as well active pharmaceutical ingredients (APIs) for the pharmaceutical industry.
ICC Labs will increase the proposed production capacity at its state of the art laboratory being constructed in Uruguay from 50,000 kg per year of dry cannabinoid flowers to 150,000 kg per year by purchasing a second line supercritical fluid CO2 extractor. The Company intends to produce up to 8 million 30-millilitre bottles of its branded cannabinoid oil, ‘BIDIOL’ with various concentrations and 3,000 kgs of pure CBD crystals upon completion of its laboratory. The laboratory is expected to be fully operational by the second quarter of 2018 and to be GMP compliant.
“Our dynamic processing facility will give us the versatility which to get access to and supply various countries with high quality cannabinoid oils and crystals, including in South America where we hold an early mover advantage.
“We are also innovating in the use of a new technology that will allow us to increase our expected production capacity of pure CBD crystals over 700%, and will also allow us to isolate the specific cannabinoids so as to enable us to formulate various pharmaceutical and medicinal products.
“We expect our line of medicinal and pharmaceutical products will include various formulations with differing concentrations of cannabinoids suitable for diverse use-cases, allowing doctors to precisely prescribe according to a particular patient’s age, weight and needs,” commented Alejandro Antalich, Chief Executive Officer of ICC.
ABOUT ICC LABS INC.
The Company has operations in Uruguay, and is focused on the licensed production, development and sale of medicinal cannabinoid extracts, recreational cannabis and industrial hemp products in Uruguay. 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 (i) complete the construction of its cannabinoid extraction laboratory in a timely fashion and in accordance with requisite regulatory requirements, or at all, (ii) obtain all requisite regulatory approvals for the production and export of cannabinoid based products, (iii) produce various cannabinoid based products and formulations in a cost-effective manner, or at all, and (iv) purchase of a second line supercritical fluid CO2 extractor. 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