The Company has reached aggregate production of 1,000 kilograms of dried recreational cannabis.
In January 2018, the Government of Uruguay increased the domestic sale price for recreational cannabis by 6.5%.
New levels of THC (tetrahydrocannabinol) and CBD (cannabidiol) in dried recreational cannabis are now permitted for sale, THC ≤ 9% and CBD ≥ 3%, specifically.
VANCOUVER, British Columbia, March 07, 2018 (GLOBE NEWSWIRE) — ICC Labs Inc. (“ICC Labs” or the “Company”) (TSX-V:ICC) is pleased to provide an operational update with respect to its recreational cannabis business in Uruguay.
ICC Labs continues to work with Ministry of Health, IRCCA (Cannabis Regulation and Control Institute) and other partners to improve its production capacity in order to meet Uruguay’s growing domestic demand for recreational cannabis.
Recreational Cannabis Production Update
Since July 19, 2017, ICC Labs has sold 66,512 packages of recreational cannabis consisting of five grams per package through licensed pharmacies approved by the Ministry of Health and IRCCA. To date, the Company has produced more than 1,000 kilograms of recreational cannabis for the Uruguayan domestic market.
Continued increases in Uruguayan Registered Users
The Uruguayan recreational cannabis registry registered 17,377 new users from July 19, 2017 to March 4th, 2018, bringing total active registered users to 21,877.
The Company also expects authorizations for additional points of sale at new pharmacies seeking sales licenses, which should be supportive to the registered user base.
Due to the increase in the number of registered users in the recreational cannabis registry over the last seven months, and the resulting expected increase in demand, the Company has informed IRCCA of the Company’s increased annual production target for dried recreational cannabis from two tonnes per year to five tonnes per year. Sales for the additional three tonnes of cannabis are subject to approval from IRCCA.
The Company expects its existing greenhouse facility in San José, Uruguay, which is comprised of more than 70,000 square foot of production space, to be able to accommodate the increased production quota.
Approval of New THC and CBD Levels and Pricing
The Company is also pleased to announce the approval by IRCCA and Ministry of Health of new levels of recreational cannabis with THC ≤ 9% and CBD ≥ 3%. In addition to these new levels, IRCCA has approved an increase in the sales price for dried recreational cannabis of 6.5% to U.S.$ 1.41 per gram effective January 2018.
Commitment to Production Quality
While the Company is increasing production volumes, it continues to emphasize its products’ quality. The Company continues to focus on pharmaceutical grade standards with all products registered under the Ministry of Health.
“We continue to advance our business plan methodically, adjusting continuously to reflect the rapidly changing environment in this sector. We are very proud of the great efforts put forth by our entire team so far and remain committed to delivering on the potential of ICC Labs,” commented Alejandro Antalich, Chief Executive Officer of ICC Labs.
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 and 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 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 increased recreational cannabis production in accordance with requisite regulatory requirements, and to successfully grow and harvest sufficient indoor marijuana crops to meet its new quota, and whether expected demand for recreational cannabis and increases to registered user numbers will materialize. 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.
For more information, please contact:
ICC Labs Inc.
Alejandro Antalich, Chief Executive Officer