VANCOUVER, British Columbia, April 12, 2018 (GLOBE NEWSWIRE) -- ICC Labs Inc. (“ICC Labs” or the “Company”) (TSX-V:ICC) (Frankfurt:2Q9) is pleased to announce that it has entered into a term sheet with Canadian-based Sundial Growers Inc. (“Sundial”), a Health Canada ACMPR-approved licensed producer of medicinal cannabis.
Pursuant to the term sheet, the parties have agreed to negotiate definitive commercial agreements for the sale by ICC Labs of up to 250,000 grams of CBD crystal per year for distribution by Sundial in the Canadian and international markets, subject to ICC completing its GMP certified laboratory and Sundial obtaining its sales license. Under the term sheet, CBD will be imported into Canada through Sundial’s partnerships with licensed dealers under the Canadian Narcotics Control Regulations. All imported product will be tested in accordance with the requirements of the ACMPR.
The term sheet also provides that ICC Labs and Sundial will jointly create new brands for future distribution by Sundial.
“This term sheet is an important step for ICC Labs as it will enable us to expand our footprint in Canada,” said Alejandro Antalich, Chief Executive Officer of ICC Labs. “Sundial’s core expertise in marketing and branding coupled with ICC Labs product development capabilities will be a great benefit to patients in Canada.”
Torsten Kuenzlen, Sundial CEO said, “This term sheet gives Sundial access to a quality source of CBD from international producer ICC Labs. We believe that CBD products are in high demand and the term sheet is key in allowing us to secure the supply needed to meet patient and consumer demand in the Canadian market and beyond.”
Alejandro Antalich, CEO of ICC Labs added: “We’re very excited to be working with Sundial to provide them with high-quality CBD at competitive price points. Having production licenses in the two low-cost jurisdictions in South America will give us tremendous advantage in supplying high-quality cannabinoid products at very competitive prices to Canadian customers. With this new agreement, we continue our expansion into the global market.”
The transactions contemplated by the term sheet are subject to the parties entering into definitive commercial arrangements, the construction of ICC Labs’ GMP certified extraction laboratory, and applicable regulatory approvals, including those from TSX Venture Exchange (the “TSX-V”) and Health Canada.
ABOUT SUNDIAL GROWERS INC.
Sundial is a privately held, Alberta-based ACMPR-approved licensed producer of medical cannabis. Sundial combines tried and true heartland farming practices with innovative horticultural techniques to grow a select range of cannabis strains. Sundial’s focus is on producing consistent cannabis that its customers can trust.
Sundial currently operates a 31,000 square foot production facility in Rocky View, Alberta, and has two separate production facilities in various stages of completion and licensing.
For more information about Sundial Growers Inc., visit www.sundialgrowers.com.
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 as well as 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 visit www.icclabs.com.
ICC Labs Inc.
Alejandro Antalich, Chief Executive Officer
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: receipt of the requisite regulatory approvals required to import to Canada or for Sundial to sell medicinal cannabis and ICC’s ability to complete the construction of its extraction laboratory and successfully produce CBD. 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.