VANCOUVER, British Columbia, April 26, 2018 (GLOBE NEWSWIRE) -- ICC Labs Inc. (“ICC Labs” or the “Company”) (ICC.V) (2Q9.F) is pleased to announce that it has started building a 124,000 sq. ft. greenhouse in Tabio, Cundinamarca, close to Bogotá, where the Company intends to produce psychoactive cannabis plants with up to 20% THC content for medicinal purposes. The construction is expected to be completed as early as June 2018.
The greenhouse will be located on a total of 172,223 sq. ft. of land leased by ICC Labs which will also provide the area required to grow, store and manufacture derivatives, allowing ICC Labs to fully trace product through its production cycle.
Alejandro Antalich, Chief Executive Officer of ICC Labs, commented, “We are very enthusiastic about the construction of our Colombian greenhouse as it is a major milestone in the commencement of our Colombian operations. We view our prospective Colombian operations as having many benefits for the Company, including:
- we are able to and have obtained the requisite, domestic banking relationships required to conduct business in Colombia;
- we will gain access to the domestic, medicinal cannabis market of Colombia, a country with over 50 million people;
- we view Colombia as a strategic production location, as it is geographically proximate to the Latin American market, including México where ICC Labs has already taken steps to commence sales;
- between our Uruguayan and Colombian licenses, we expect to operate in the psychoactive (THC) and non-psychoactive (CBD) medicinal market segments in both the domestic Uruguayan and Colombian markets and the international export market;
- commencing CBD production in Colombia will diversify our outdoor production risk as Colombia’s climactic conditions differ from Uruguay’s and will permit a full year production cycle; and
- Colombia should be an excellent base for export-oriented operations as Colombia currently has the highest percentage (44%) of any country of the global quota for cannabis assigned by the International Narcotics Control Board, which seeks to ensure adequate availability of narcotic drugs and psychotropic substances for scientific and medical purposes.”
The Company’s Colombian operations remain subject to the approval of the TSX Venture Exchange.