ICC International Cannabis Corporation ("ICC" or the "Company") (TSX VENTURE:ICC), a fully licensed producer and distributor of recreational and medicinal cannabis and cannabinoid extracts, is pleased to announce it has filed its interim financial results for the second quarter ended June 30, 2017.
The financial statements and management discussion and analysis for the three and six months ended June 30, 2017, will be available on the System for Electronic Document Analysis and Retrieval ("SEDAR") at www.sedar.com and on ICC's website at www.intcannabiscorp.com.
"The first half of 2017 has seen ICC transition from being a development stage company, to becoming a fully licensed and approved recreational and medicinal cannabis producer in Uruguay. We continue to focus on expanding both our recreational and medicinal business segments, and are firmly on track to becoming a global leader of medicinal cannabis and cannabinoid (CBD) oil and extracts." stated Alejandro Antalich, CEO of ICC.
Second Quarter: CBD Oil / Medicinal Highlights
- ICC received approval by the Uruguayan government to expand cultivation land package by an additional 494 acres on June 6, 2017. The additional land will be used for medicinal CBD flower production for cannabinoid extracts and by-products, bringing total CBD flower land package to almost 560 acres. ICC increased its production plan by approximately 800% with this land expansion, becoming one of the largest licensed acreages for CBD production in the world.
- Construction of a new 21,528 square foot greenhouse began in April 2017 and was completed in the quarter. The Company intends to use the new facility for production of its cannabis plants destined for the production of CBD extracts and by-products for medicinal use.
- ICC acquired 100 kilograms of "Helena" CBD strain hemp seeds, a monoecious homozygous variety containing 0.07% of tetrahydro-cannabidiol (THC) in April 2017. It also contains between 10 and 15 tons of stem per hectare that translates into between 3 to 4.5 tons of fibre per hectare, between 7 to 10 kg of scutch (highly processed fiber) per hectare, and between 800 to 1,000 kg of seeds per hectare. These seeds contain an oil content between 28% and 32% and a high level protein content of approximately 25%.
- ICC began germinating 5,000 Helena seeds in its new 21,528 square foot greenhouse. Working at full capacity, the greenhouse is expected to allow the Company to work with 5,000 plants per cycle, having at least three cycles per year, resulting in a minimum of 15,000 plants per year for medicinal purposes. Harvesting of the first crop is expected to commence in November 2017.
- ICC's construction of South America's first CBD extraction laboratory using supercritical fluid CO2 extraction technique with state-of-the-art equipment from Europe continues on schedule and on budget. The laboratory will be built in Uruguay's "science free trade zone". The extraction laboratory will be situated in an area over 16,146 square foot, with construction set for completion in April, 2018. The Company is committed to obtaining GMP certification and all other certifications required.
Second Quarter: Recreational Highlights
- ICC had approximately 13,877 recreational cannabis plants in production and harvested approximately 6,143 recreational cannabis plants.
- The Company expects that new facility will allow it to produce, and subject to requisite regulatory approvals, sell up to 10 tonnes of recreational cannabis per year without additional capital investment.
Second Quarter: Leadership Transition
- Mr. Alejandro Antalich was promoted to Chief Executive Officer of the Company on June 26, 2017. Mr. Antalich joined the Company in March 2017 as Senior Operations Manager overseeing all research and development team initiatives. Mr. Antalich is a seasoned executive with 25 years of experience in the pharmacy and pharmaceutical industries.
- Mr. Diego Taranto was appointed to Senior Financial Controller in June 2017, and will assist our Chief Financial Officer, Oscar Leon, with overall responsibility for financial reporting and planning, treasury, and taxation. Mr. Taranto is a Certified Public Accountant with over 20 years of finance and accounting experience in private companies, with particular expertise in the pharmaceutical and manufacturing sectors.
Subsequent Events Update
- On July 13, 2017, the Uruguayan Ministry of Health Approval officially approved ICC for recreational cannabis sales.
- ICC commenced sales of recreational cannabis in Uruguay on July 19, 2017 via 16 approved local pharmacies. ICC sold a total of 69 kg of dried flower in the first month. As of August 16, 2017, 12,460 purchasers have registered to buy recreational cannabis in Uruguay through registered pharmacies.
- On July 25, 2017, the Uruguayan Ministry of Livestock, Agriculture and Fisheries authorized ICC to import two new hemp strains rich in CBD.
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. 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