ICC International Cannabis Corporation
TSX VENTURE : ICC

ICC International Cannabis Corporation

February 10, 2017 06:00 ET

ICC Provides Operational Update, Including Successful Transition to New State-Of-The-Art Facility and Ramp-Up of Its Recreational Cannabis Production

VANCOUVER, BRITISH COLUMBIA--(Marketwired - Feb. 10, 2017) -

Editors Note: There is a photo associated with this press release.

ICC International Cannabis Corporation ("ICC" or the "Company") (TSX VENTURE:ICC) is pleased to announce that it has successfully transitioned its recreational cannabis production facility to a new 70,565 square foot state-of-the-art greenhouse located in Montevideo, Uruguay. The relocation is part of the Company's ramp-up in recreational cannabis production and a total of 5,000 plants and 3,500 cuttings have been moved to our new facility. The facility will allow the Company to produce up to 10 tonnes of recreational cannabis per year without additional capital investment.

"We are extremely pleased with the success of this transition to our new greenhouse. It marks an important operational milestone because it allows ICC to significantly increase production in order to meet the anticipated Uruguayan demand for recreational cannabis," commented Guillermo Delmonte, Chief Executive Officer.

The specifications of the new facility are set out below:

  • One area comprised of approximately 2,000 square feet for the mother plants
  • One vegetative area of 1,000 square feet
  • Two growing areas of 5,167 square feet each, totalling more than 10,000 square feet
  • Four 10,333 square foot flowering areas, totalling more than 41,000 square feet
  • A total of almost 55,000 square feet of production area, with the remaining area dedicated to trimming, drying, packing and stocking

The Company expects to produce approximately 2 tonnes of recreational cannabis in 2017. As soon as distribution and sales commence, ICC expects its recreational segment to be break-even on a cash-flow basis.

Please visit the ICC website at www.intcannabiscorp.com for additional photographs illustrating the progress at our new facility.

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 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 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 Canadian securities regulators, which filings are available at www.sedar.com.

To view the photo associated with this release, please visit the following link: http://www.marketwire.com/library/20170210-ICC-gr.png

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