VANCOUVER, BRITISH COLUMBIA--(Marketwired - Dec. 20, 2016) - ICC International Cannabis Corporation ("ICC" or the "Company") (TSX VENTURE:ICC) has entered into an agreement to lease approximately 9 hectares of additional land adjacent to the Company's existing property used for the production of cannabinoid extracts and by-products for medicinal use and industrial hemp.
This expansion will increase the Company's aggregate land position (including land provided by the Government of Uruguay for the production of recreational cannabis) from approximately 4.6 million square feet to approximately 5.6 million square feet, an increase of approximately 22%, subject to receipt of all necessary approvals.
"This strategic expansion is part of our ongoing process to build future production capacity and proportional increase in revenues once it reaches run date" commented Guillermo Delmonte, Chief Executive Officer of ICC. "Expanding our medicinal extracts, by-products business and our industrial hemp business are key objectives for the Company as we leverage our strength in the Uruguayan market to position ourselves to meet the needs of the international market."
ABOUT ICC INTERNATIONAL CANNABIS CORPORATION
The Company has operations in Uruguay, and is focused on the licensed production, development and sale of recreational cannabis, cannabinoid extracts and by-products for medicinal uses and industrial hemp. For more information, please see intcannabiscorp.com.
Neither the TSX Venture Exchange ("TSXV") nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.
Certain information in this press release may constitute forward-looking information. This information is based on current expectations that are subject to significant risks and uncertainties that are difficult to predict, including the Company's ability to obtain the requisite regulatory approvals. Actual results might differ materially from results suggested in any forward-looking statements. The Company assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those reflected in the forward looking-statements unless and until required by securities laws applicable to the Company.
Additional information identifying risks and uncertainties is contained in the Company's filings with the Canadian securities regulators, which filings are available at www.sedar.com.