ICC International Cannabis Corporation ("ICC" or the "Company") (TSX VENTURE:ICC), a fully licensed producer and distributor of medical and non-medical cannabis and cannabinoid extracts ("CBD"), is pleased to announced it has been officially approved for non-medical cannabis sales in Uruguay by the Ministry of Health.
"Within the framework of the provisions of Law 19,172, the dispensation of psychoactive cannabis for non-medical use in pharmacies, will begin next Wednesday July 19, 2017." Institute of Regulation and Control of Cannabis (IRCCA) reported.
The Company will commence non-medical cannabis sales on July 19, 2017, and distribute its products via an approved pharmacy distribution network in Uruguay. There will be two products available for non-medical cannabis sales. The products will be dispensed in IRCCA approved and sealed 5 gram packaging and will cost U.S.$6.50 per 5 gram unit. Each unit will have a security stamp and LOT number that guarantees its authenticity. Packaging will contain all required regulatory health and risk warnings along with recommendations of use statements.
"The ICC team has worked diligently with the government agencies and regulatory bodies to establish high quality standards and a transparent framework for legal non-medical cannabis sales. Uruguay has quickly established itself as a leader in the cannabis and CBD industries in South America and globally. ICC continues to innovate and execute on its strategy of becoming the trusted producer and distributor medical and non-medical cannabis and CBD." commented Alejandro Antalich, Chief Executive Officer of ICC.
All products from ICC greenhouses are grown under strict regulatory and technical supervision, where site conditions, production methods, product traceability and quality control standards have been approved by IRCCA and authorized by the Ministry of Health. Product tracking and supply chain traceability systems are completed and in use.
ICC is committed to complying with Good Agricultural Practices ("GAP") requirements, and currently has a 70,000 square foot greenhouse dedicated exclusively to the production of non-medical cannabis. The Company has significant inventory in place to meet the expected non-medical sales demand, and is on track to meet its 2017 Annual Production Target of 2,000 kg of non-medical cannabis.
The Company is also pleased to report that it is on schedule to commence production by the end of September of 2017 of CBD flower for medicinal purposes to be exported to international markets. ICC expects to increase its CBD dried flower annual production capacity targets by approximately 50 tonnes, thus reaching a capacity of to 160 tonnes annually.
"ICC is continuing construction of the first CBD extraction laboratory in South America using the supercritical fluid CO2 extraction technique with state-of-the-art equipment from Europe. The extraction laboratory will be built in Uruguay's "Science Park Free Trade Zone" which is situated in an area over 16,146 sq. ft. All processing equipment and construction efforts are on schedule for launch in April of 2018." commented Alejandro Antalich, Chief Executive Officer of ICC.
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 and www.intcannabiscorp.com.
Neither the TSX Venture Exchange ("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 information in this press release may constitute forward-looking information. This information is based on current expectations that are subject to significant risks and uncertainties that are difficult to predict, including the Company's ability to obtain any requisite regulatory approvals and to commence sales of non-medical cannabis or CBD. Actual results might differ materially from results suggested in any forward-looking statements. The Company assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those reflected in the forward looking-statements unless and until required by securities laws applicable to the Company. Additional information identifying risks and uncertainties is contained in the Company's filings with Canadian securities regulators, which filings are available at www.sedar.com.
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ICC International Cannabis Corporation
Chief Executive Officer