ICC International Cannabis Corporation
TSX VENTURE : ICC

ICC International Cannabis Corporation

May 31, 2017 08:57 ET

ICC International Cannabis Corporation Commences CBD Flower Production for Medicinal Purposes

VANCOUVER, BRITISH COLUMBIA--(Marketwired - May 31, 2017) -

Highlights

  • Completed construction of 21,528 sq. ft. greenhouse for CBD flower production for medicinal purposes.
  • Commenced germination of 4,000 seeds expected to yield approximately 150 kilograms of CBD dried flower by October, 2017.
  • Building South America's first extraction laboratory in Uruguay's "science free trade zone" by April, 2018.

ICC International Cannabis Corporation ("ICC" or the "Company") (TSX VENTURE:ICC) is pleased to announce that, as part of its strategic plan to become the world's largest and lowest cost producer of cannabidiol ("CBD"), the Company has completed the construction of a 21,528 sq. ft. greenhouse to increase CBD flower production for medicinal purposes.

The Company is also pleased to announce it has commenced the germination of 4,000 seeds which are expected to yield approximately 150 kilograms of CBD dried flower by October, 2017. In order to process its CBD oil and extracts, the Company's first laboratory is expected to be built by April, 2018 in Uruguay's "science free trade zone", a free trade zone located in the Parque de las Ciencias (Park of the Sciences) in Montevideo, Uruguay.

"We are very excited that our CBD dry flower production has started. In addition, our new greenhouse and laboratory will allow us to keep improving our growing techniques with a view to optimizing future production," commented Guillermo Delmonte, Chief Executive Officer of ICC, "The objective of ICC is to process its hemp crops into high quality CBD extracts, which are in high demand in the active pharmaceutical ingredient ("API") market. We see a significant opportunity in the international CBD extracts market and ICC is positioning itself to become one of the largest international providers of APIs."

Medicinal Cannabis Greenhouse

As part of the Company's strategic plan to become the world's largest and lowest cost producer of CBD, the 21,528 sq. ft. greenhouse will allow ICC to test different cultivars' behaviour throughout the entire year and increase the production cycle of medicinal cannabis.

Operating at full capacity, this medicinal cannabis greenhouse is expected to allow the Company to work with 4,000 plants per cycle, having at least three cycles per year resulting in a minimum of 12,000 plants per year for medicinal purposes. The first 4,000 plants are currently being grown and the Company expects to them to yield approximately 150 kilograms of CBD dried flower by October, 2017.

The production process, leveraging Uruguay's superior growing environment, will be comprised entirely of organic crop. In addition, ICC is committed to complying with Good Agricultural Practices ("GAP") requirements in order to obtain this certification.

Extraction Laboratory

ICC is building the first cannabinoid extraction laboratory in South America using the supercritical fluid CO2 extraction technique with state-of-the-art equipment from Europe. The laboratory will be built in Uruguay's "science free trade zone". The extraction laboratory will be situated in an area over 16,146 sq. ft., with construction set for completion in April, 2018 and initial capacity to process up to 50 tonnes of dry hemp per year into CBD extracts.

The Company's CBD extraction products will be processed under the highest quality standards. The Company is committed to complying with Good Manufacturing Practices ("GMP") requirements and is working to obtain GMP certification of its laboratory. It has contracted with an authorized GMP auditor to this end.

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 other derivatives used for medicinal purposes and industrial hemp. For more information, please see the Company's filings on www.sedar.com and www.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, including statements regarding anticipated production and yields, time to complete construction of the Company's extraction laboratory, opportunity in the CBD extracts market, ability to increase production cycles and the Company's ability to obtain GAP and GMP certification. 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 any 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 Canadian securities regulators, which filings are available at www.sedar.com.

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