VANCOUVER, BRITISH COLUMBIA--(Marketwired - Jan. 11, 2018) - ICC Labs Inc. ("ICC Labs" or the "Company") (TSX VENTURE:ICC), a fully licensed producer and distributor of medicinal cannabinoid extracts, recreational cannabis and industrial hemp products in Uruguay, is pleased to announce the completion of one of its most critical objectives, its "first outdoor sowing of Cannabis Sativa L. seeds with 430 acres sown".
ICC Labs has successfully completed its first sowing of outdoor-grown medicinal cannabis at 430 acres, 30 acres more than were previously announced. "We are very proud to have reached the target to sow 400 acres, and then to have exceeded this target by sowing 430 acres in total. We believe that this outdoor plantation could be the largest licensed area in the world for the production of cannabidiol "CBD", the non-psychoactive cannabinoid of the Cannabis Sativa L. plant, for medicinal purposes. With each step, we move closer to our real and final objective of supplying the global market with the highest quality pharmaceutical-grade and medicinal products at affordable prices", commented Alejandro Antalich, Chief Executive Officer of ICC Labs.
The first outdoor harvest is expected to commence in April, concurrently with the expected completion of the construction for the Company's state-of-the-art laboratory. This extraction laboratory, located in a free-trade zone will be the first one of its kind in South America with an industrial scale capacity capable of supplying the Latam and European markets.
Furthermore, the successful completion of ICC Labs second indoor sowing at the Company's 21,528 sq. ft. greenhouse situated in the Department of Canelones demonstrates ICC Labs' ability to have three productive cycles a year.
"The achievement of these two important milestones puts ICC Labs on the right track to achieve its recently announced increase of expected processing capacity at the extraction laboratory to up to 150,000 kg of dried Cannabis Sativa L. per year. It will also position the Company as one of the largest, low cost producers and global suppliers of medicinal products, as well active pharmaceutical ingredients (APIs) for the pharmaceutical industry", said Alejandro Antalich, Chief Executive Officer of ICC Labs.
The Company has granted 4,252,018 options to its directors and a consultant to the Company exercisable at $1.42 per share for a period of ten years.