ICC Labs Files Financial Results for the First Quarter Ended March 31, 2018
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.
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 cannabinoid extracts, giving support and promoting responsible use for medicinal purposes, backed by scientific research and innovation, while following strict compliance with 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, including from the TSX-V, production and export of CBD, THC and medicinal products, and ICC’s ability to commence operations in Colombia or finish construction of its laboratory. 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.