ICC International Cannabis Corporation ("ICC" or the "Company") (TSX VENTURE:ICC), a fully licensed producer and distributor of recreational and medical cannabis and cannabinoid extracts ("CBD") in Uruguay, is pleased to provide an update on its recent sales activities.
Recreational Cannabis Sales Update:
ICC, South America's first fully licensed and government approved producer and distributor of recreational cannabis commenced sales on July 19, 2017 when it began to distribute its two recreational cannabis products (ALFA I and BETA I) via sixteen approved pharmacies in Uruguay. Over 4,500 authorized purchasers had registered prior to the July 19, 2017 launch date, and since then, an additional 7,008 purchasers have registered, representing a 156% increase of registered recreational buyers in a 21-day period. Furthermore, four new pharmacies have begun the application process and ten more have shown interest in doing so.
"The number of registered users as purchasers to access the psychoactive cannabis of non-medical use in pharmacies doubled, amounting today to 11,508 qualified. New requests for adhesion of pharmacies to the system are being processed, so that the number of access points in different parts of the country will increase progressively" published by the Instituto de Regulación y Control de Cannabis ("IRCCA"), the regulatory body overseeing the cannabis industry in Uruguay.
Within the first two weeks of non-medical sales, the Company received additional product orders from IRCCA and its approved pharmacies for a total of 64kg, translating to 12,800 packages of 5 gram ALFA I and BETA I products. Although a bi-weekly replenishment of stock was previously agreed to by the Company and IRCCA, due to the high demand, four additional deliveries had to be made in this two week time period. The recreational market in Uruguay is expected to reach a potential 160,000 registered buyers, with each registrant able to purchase up to 40 grams of recreational cannabis per month. The Company continues to expand its production output in order to meet expected ongoing recreational sales demand.
"ICC continues to hit new corporate milestones, and remains focused on further executing on our key strategic growth initiatives. ICC has quickly transitioned from being a development stage company, to becoming a fully licensed and approved recreational and medical cannabis producer in Uruguay," stated Alejandro Antalich, CEO of ICC.
The Company also reports it has increased its recreational production footprint by 43% or 21,500 square feet. The 70,656 square foot state-of-the-art greenhouse located in San José, Uruguay is now fully utilized and exclusively dedicated to recreational cultivation and production. In addition, the Company has improved its growing processes, crop drying systems and storage facilities, which it believes will translate to significant yield improvements, thus warranting a new 12-month production target of an expected 5,000kg.
"At this stage, we are very pleased with the results of our recreational cannabis business and we believe it is a foundational part of ICC that complements our goal of also being a high volume and low cost producer of CBD for export purposes," stated Alejandro Antalich, CEO 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, CBD 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, such as the Company's expected production target. 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 and/or maintain requisite regulatory approvals. 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.
ICC International Cannabis Corporation
Chief Executive Officer