ICC Labs Files Results for the Year Ended December 31, 2017, ICC International Cannabis Corp.

01/05/2018
ICC Labs Files Results for the Year Ended December 31, 2017


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2017 Highlights:

  • Closed Cdn.$23 million bought deal financing.
  • Commenced sales of recreational cannabis in Uruguay.
  • Completed construction of 21,528 sq. ft. greenhouse in Uruguay for the production of cannabidiol (“CBD”) strains of cannabis.
  • Entered into a memorandum of understanding and presale agreement with Emblem Corp. (TSX-V:EMC) for the sale of CBD dry flower.
  • Entered into a memorandum of understanding and presale agreement with Grupo Fenix (through Energia y Vida de Mexico S.A. de C.V.) for the sale of 120,000 thirty millilitre bottles of CBD oil in Mexico.
  • Entered into a presale agreement with Brasliv through Brasliv Import and Export for the sale 180,000 thirty millilitre bottles of CBD oil in Brazil.
  • Entered into term sheet for proposed strategic investment in Global Group Kalapa S.L. based in Spain to get a strong foothold in the European markets.

2018 Highlights to Date:

  • Obtained all of the medicinal cannabis production licenses currently available in Colombia.
  • Entered into agreement with ARA – Avanti RX Analytics Inc. (now a subsidiary of Aphria Inc. (TSX:APH)) for the sale of CBD crystal.
  • Entered into a framework and collaboration agreement for research and development with the Pasteur Institute of Montevideo, an internationally renowned research institute.
  • Executed a term sheet with Sundial Growers Inc. for the sale of CBD crystal.
  • Entered into a letter of intent with Eurofarma Uruguay S.A. with respect to the blending, bottling and packaging of ICC Labs’ products.
  • Commenced construction of a 124,000 sq. ft. greenhouse in Colombia for the production of medicinal, high-THC strains of cannabis.

VANCOUVER, British Columbia, May 01, 2018 (GLOBE NEWSWIRE) --  ICC Labs Inc. (“ICC Labs” or the “Company”) (TSX-V:ICC) (Frankfurt:2Q9) is pleased to announce it has filed its audited financial results for the year ended December 31, 2017.

The audited financial statements and management discussion and analysis for the three months and year ended December 31, 2017, will be available on the System for Electronic Document Analysis and Retrieval (“SEDAR”) at www.sedar.com and on ICC Labs’ website at www.icclabs.com.

“2017 was a transformational year for the Company with the commencement of sales of recreational cannabis in Uruguay, the development of more than 400 acres of high CBD hemp production, and breaking ground on South America’s first fully licensed CBD extraction laboratory, which is being built in accordance with international Good Manufacturing Practices (GMP) specifications”, commented Alejandro Antalich, Chief Executive Officer of ICC Labs.  “ICC Labs will continue to expand its production footprint through its Colombian operations and seeks to become Latin America's leading, fully-integrated and low-cost producer of cannabinoid pharmaceutical grade products for medicinal use.”

Investor Relations

The Company is pleased to announce that it has engaged Hybrid Financial Ltd. (“Hybrid”) to provide strategic investor relations and shareholder communications services with respect to the European market. Hybrid is a sales and marketing company, with offices in Toronto and Montreal, Canada. Under the terms of the engagement, which is for an initial three month term, Hybrid will be paid a one-time fee of €15,000 and a recurring fee of €25,000 per month. Hybrid will also be granted options to purchase up to 300,000 common shares in the capital of the Company with a five year term and an exercise price of Cdn.$1.44, vesting at a rate of 75,000 options on receipt of TSX Venture Exchange (“TSX-V”) approval and 75,000 options thereafter quarterly. The appointment of Hybrid is subject to the approval of the TSX-V.

Excluding certain options previously granted to Hybrid in connection with its previously announced investor relations services, Hybrid has no direct or indirect interest in the Company or its securities, or any right or intent to acquire such an interest.