ICC International Cannabis Corporation
TSX VENTURE : ICC

ICC International Cannabis Corporation

May 11, 2017 07:38 ET

ICC Provides Operational Update and Start of Recreational Sales in Uruguay

VANCOUVER, BRITISH COLUMBIA--(Marketwired - May 11, 2017) -

Highlights

  • More than 2,300 purchasers of recreational cannabis signed up in the first six business days of the opening of the IRCCA registry.
  • ICC positioned for first sales with more than 285 kg of recreational cannabis in inventory ready for sale and delivery through the Uruguayan pharmacy network.
  • Uruguay on track to implement first sales of recreational cannabis in July 2017, a global milestone for the industry.

ICC International Cannabis Corporation ("ICC" or the "Company") (TSX VENTURE:ICC) is pleased to announce that the registration for the purchase of recreational cannabis in Uruguay through pharmacies successfully commenced on May 2, 2017.

"We are very pleased this complex implementation process is reaching its final stage, which is a global milestone for the cannabis industry," commented Guillermo Delmonte, Chief Executive Officer of ICC. "We have been ramping up production since we moved into our new, state of the art greenhouse and already have 285 kg of recreational cannabis available for the domestic demand."

The latest information published by the Instituto de Regulación y Control de Cannabis ("IRCCA"), the regulatory body overseeing the cannabis industry in Uruguay, has stated that as of Monday, May 9, 2017, being six business days after the opening of the registry on May 2, 2017, there were more than 2,300 registered purchasers. Pursuant to the Uruguayan regulatory regime governing recreational cannabis administered by IRCCA, each person will be allowed to purchase up to 40 grams of recreational cannabis per month.

"We expect that each day as we get closer to July more and more purchasers will enter the registry. We are working well with IRCCA and the Uruguayan government to ensure a smooth roll-out of recreational cannabis supply to the registered purchasers," commented Guillermo Delmonte, Chief Executive Officer of ICC. "At this stage, we are very pleased with the results of our recreational cannabis business and we believe it is a foundational part of ICC that complements our goal of also being a high volume and low cost producer of CBD for international export purposes."

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. 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.

Contact Information

  • ICC International Cannabis Corporation
    Guillermo Delmonte
    Chief Executive Officer and Director
    +598-2900-0000
    ir@intcannabiscorp.com