ICC Labs Signs LOI to Export Cannabis to Germany for Medicinal Purposes
VANCOUVER, British Columbia, May 22, 2018 (GLOBE NEWSWIRE) -- ICC Labs Inc. (“ICC Labs” or the “Company”) (TSX-V:ICC) (Frankfurt:2Q9) is pleased to announce that it has signed a letter of intent with CanPharma GmbH (“CanPharma”), a licensed importer and wholesaler of narcotics in the Federal Republic of Germany.
Through its relationship with CanPharma, ICC Labs intends to export to Germany cannabidiol (CBD) isolate, oils and other derivatives, as well as various medicinal tetrahydrocannabinol (THC) cannabis products, including dried flowers and cannabis extracts from our facilities in Uruguay and Colombia. The export arrangement for (THC) cannabis products is subject to receipt of the requisite regulatory approvals and the negotiation of definitive agreements by the end of second quarter in 2018.
Germany, with a population of 83 million people, €3.3 trillion in GDP and €320 billion of healthcare expenditure, is home to Europe’s largest medical cannabis market. Germany is already leading the way among European countries with a market value of €10.2 billion (US$11.9 billion).(1)
“As part of our strategy to gain a foothold in the European markets, we expect that CanPharma would distribute imported “BIDIOL” branded CBD oils and other medicinal CBD derivatives through German pharmacies. Our CO2 extraction laboratory currently under construction in Uruguay’s Science Park free trade zone in accordance with international Good Manufacturing Practices (GMP) guidelines is expected allow us to meet all the GMP requirements from the German regulatory authorities.
As we previously announced on March, 2018, we signed a term sheet for the acquisition of a strategic 25% interest in Global Group Kalapa S.L., a private company headquartered in Spain. We are now seeking to further our entrance into the European market with our CanPharma relationship, which will also facilitate our sale of medicinal products through B2B distribution channels. We look forward to diversifying our operations from two low cost jurisdictions in Latin America, with our European expansion into the B2B market,”
commented Alejandro Antalich, Chief Executive Officer of ICC Labs.
Note: (1) Source: Zhang, Mona. “German Parties Consider Sale of Marijuana in Pharmacies Or Dispensaries”, (2017), online: www.forbe.com.
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
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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 TSXV, production and export of CBD and medicinal products, and ICC’s ability to complete the construction of its extraction 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.