VANCOUVER, British Columbia, May 31, 2018 (GLOBE NEWSWIRE) -- ICC Labs Inc. (“ICC Labs” or the “Company”) (TSX-V:ICC) (Frankfurt:2Q9) is pleased to announce it has filed its interim financial results for the first quarter ended March 31, 2018.
The financial statements and management discussion and analysis for the three months ended March 31, 2018, are available on the System for Electronic Document Analysis and Retrieval ("SEDAR") at www.sedar.com and on ICC Labs' website at www.icclabs.com.
During the first quarter of 2018, the Company continued to take steps to expand its footprint in the Latin American market, and to gain access to the European and Canadian markets. The Company’s investment in Global Group Kalapa S.L., a Spanish company based in Barcelona, is part of ICC Labs’ strategy to gain a foothold in the European markets, and in particular with respect to B2B distribution channels for the Company’s ‘BIDIOL’ branded CBD oil and other products it intends to sell. This investment remains subject to TSX Venture Exchange (“TSX-V”) approval.
Having obtained all medicinal cannabis production licenses currently available in Colombia, ICC Labs became the first company to become fully licensed in two low cost jurisdictions in Latin America. Further, in Colombia, the Company continues to build its 124,000 sq. ft. greenhouse to grow THC plants and prepares for its first outdoor hemp crop on 250 acres that it expects to commence sowing in June, subject to approval of the TSX-V.
The Company has also proceeded with the construction of its CO2 extraction laboratory in Uruguay which has an expected annual capacity of 150,000 kg of dry flowers and is being built in accordance with international Good Manufacturing Practices (GMP) guidelines. The Company expects the laboratory to be completed by the end July. In the interim, the Company has completed the construction of a temporary extraction laboratory in Uruguay where its first CBD extracts will be produced.
“As we near completion of our CO2 extraction laboratory (the first one of its kind in Latin America), we are combining operations in low cost jurisdictions with industrialized extraction in a GMP facility, and moving closer to our objective of supplying the global market with the pharmaceutical-grade and medicinal products at affordable prices", commented Alejandro Antalich, Chief Executive Officer of ICC Labs.