VANCOUVER, BRITISH COLUMBIA--(Marketwired - Oct. 19, 2017) - ICC International Cannabis Corporation ("ICC" or the "Company") (TSX VENTURE:ICC), a fully licensed producer and distributor of recreational cannabis and cannabinoid extracts used for medicinal purposes, is pleased to announce it has entered into a presales agreement with Grupo Fénix (through Energia y Vida de Mexico S.A. de C.V.) ("Grupo Fénix") for the sale of cannabidiol ("CBD") oil under ICC's newly launched, proprietary line of CBD oil branded 'BIDIOL'. Grupo Fénix is a large Mexican company that manages hundreds of pharmacies through their networks Farmacias El Fénix and Famacias del Dr. Ahorro.
Pursuant to the agreement, until the end of 2018, ICC will export to Grupo Fénix for medicinal purposes 10% of its CBD oil production at prices to be determined under a definitive agreement. ICC expects to produce 1.2 million 30 millilitre bottles of CBD oil in 2018.
On June 19, 2017, Mexico's regulators passed legislation that legalized the use of cannabis oil and other cannabis derivatives for medicinal purposes. The legislation is intended to provide medical patients access to CBD and other cannabis products.
BIDIOL is the first CBD oil product branded and marketed by ICC. BIDIOL will be made under the highest quality standards, supervised by the Ministry of Health in Uruguay. BIDIOL is expected to contain 16.7 mg of CBD per millilitre suspended in ecologic extra virgin olive oil. BIDIOL is expected to contain no THC, putting BIDIOL into a very select class as one of the world's highest content CBD pharmaceutical grade oils.
"The sale and exportation of BIDIOL is part of ICC's strategy to be the global leader in CBD oil production. This agreement represents a significant milestone for the CBD industry as well as for ICC. We are also excited about the potential of the Mexican market, which has a population of over 127 million people. We look forward to building a long-term relationship with our Mexican customers, along with the Mexican regulatory authorities," stated Alejandro Antalich, CEO of ICC.
The agreement between both parties remains subject to applicable regulatory approvals, including those from the TSX Venture Exchange (the "TSXV"), the Instituto de Regulación y Control del Cannabis, the Uruguayan Ministry of Livestock, Agriculture and Fishery and applicable Mexican authorities.
"This distribution agreement validates our CBD oil platform on an international scale and positions ICC for additional distribution opportunities across Latin America. ICC's CBD based medicinal product 'BIDIOL' will be made under the GMP regulations and guidelines to ensure the product specifications, safety and consistent efficacy," stated Alejandro Antalich, CEO of ICC.
The Company continues to expand its prospective clientele and distribution partnership network, and has been in discussions with government and healthcare agencies in jurisdictions such as Mexico, Colombia, Argentina, Brazil, Chile and Peru. In addition, the Company has met with both pharmaceutical and nutraceutical manufacturers and distributors in Canada and Europe.
ABOUT ICC INTERNATIONAL CANNABIS CORPORATION
The Company has operations in Uruguay, and is focused on the licensed production, development and sale of recreational cannabis, cannabinoid extracts and other derivatives used for medicinal purposes and industrial hemp. For more information, please see the Company's filings on www.sedar.com andwww.intcannabiscorp.com.
Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) 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 obtain any requisite regulatory approvals, to obtain a GMP certified facility, to produce CBD oil in accordance with regulatory requirements, or at all, and to reach a definitive agreement for the sale of CBD oil. 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.