ICC Labs Inc. (TSX VENTURE:ICC), a fully licensed producer and distributor of medical cannabis extracts, recreational marijuana, and industrial hemp products in Uruguay, announced Monday that the Ministry of Justice and Law of the Republic of Colombia has granted the company two licenses, one to obtain seeds for low-THC cannabis strains, and the other to cultivate.
Both licenses are valid for a period of five years and are renewable upon request within three months of expiration.
"Obtaining Colombian licenses further establishes ICC Labs as the leading cannabis producer in Latin America and solidifies our international presence in low-cost jurisdictions," Alejandro Antalich, Chief Executive Officer of ICC Labs said in a press release. "The Colombian approval process was rigorous and requires, among other things, the creation of social development projects at our cultivation locations. We believe that our experience in Uruguay, where we have recently planted more than 430 acres of non-psychoactive cannabis to be used for cannabidiol ("CBD") oil production, will give us a competitive advantage over other Colombian license holders."
ICC Labs expects to commence planting on 250 acres of land, subject to the approval of the TSX Venture Exchange (the "TSX-V") with the expectation of increasing acreage in the future. The Colombian licenses do not have any production limitations.
"Our Company has substantial expertise navigating complex and evolving regulatory regimes, having successfully commenced operations in Uruguay, the first country to fully legalize cannabis use. We will apply this experience and approach in our operations in Colombia and are optimistic that we will build a similarly strong relationship with the Colombian authorities as they seek to increase opportunities for their country and its people," says Antalich in the statement.
ICC Labs completed its first sowing of 430 acres in early January, claiming their plantation to be the “largest licensed area in the world for the production of cannabidiol (CBD),” according to another press release from January 11th.
ICC Labs’ first harvest is expected to begin in April, when the company also expects completion of a state-of-the-art laboratory with an industrial scale capacity capable of supplying Latin American and European markets.
ICC Labs also runs a 21,528 sq. ft. greenhouse situated in the Department of Canelones.
"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," says Antalich.
Colombia has a population of 50 million citizens. ICC Labs also has plans to sell their products in Mexico, which has a population of 157 million.
For more information, visit the Company's website at www.icclabs.com