ICC Labs Completes Its First Outdoor Harvest and Prepares to Produce Its First CBD Extracts
VANCOUVER, British Columbia, June 21, 2018 (GLOBE NEWSWIRE) -- ICC Labs Inc. (“ICC Labs” or the “Company”) (TSX-V:ICC) (Frankfurt:2Q9) is pleased to announce that it has completed its first outdoor harvest of hemp. The Company harvested hemp planted on approximately 430 acres of land distributed between its Canelones and Flores sites. The Company is now commencing the drying process for the harvested material, which will take between three to four weeks, and is preparing the soil for the next seeding, expected to occur next September.
This first outdoor crop will provide ICC Labs’ agronomists the opportunity to analyze and discover the behaviour of the three strains ICC Labs planted so as to optimize future planting in accordance with local, Uruguayan climatic and soil conditions.
ICC Labs is also pleased to announce that it has completed the construction of its temporary laboratory in Uruguay’s Science Park, which will become a permanent analytical laboratory after the Company’s larger-scale CO2 extraction facility is constructed and begins running at full capacity.
The Company expects the Ministry of Health to complete its final inspection of the temporary laboratory by the end of June so as to verify compliance with the applicable Good Manufacturing Practices (GMP) standards. After such verification, ICC Labs will be able to commence operations at the temporary laboratory and begin to develop and optimize its extraction processes, and to manufacture batches for the stability studies required by the Ministry of Health so as to register the final product.
“Both our temporary laboratory and permanent laboratory have been designed according to the highest international standards of quality for the pharmaceutical industry (FDA, EC, WHO, ICH, PIC/s, ISPE, etc.) applying concepts of risk management and total compliance with GMP and applicable control requirements.
From the beginning of the project, we have been committed to:
- using seeds with verified and registered genetics;
- growing, harvesting and managing our plantations according to good agricultural practices for medicinal plants;
- optimizing and validating operational parameters to ensure consistent, strong and reproducible processes;
- defining on a science and risk-based approach, critical control points for the monitoring of our processes;
- having preset specifications for the quality attributes of our products, covering physicochemical and microbiological characteristics;
- performing all the necessary analysis to demonstrate compliance with the quality specifications;
- implementing and maintaining a quality system in line with the Guidance for Industry Q10 Pharmaceutical Quality System, FDA, April 2009, covering aspects of our system that may have an impact on product quality and safety of the patients; and
- obtaining quality product at an affordable cost.
We have a multidisciplinary team of highly trained professionals with wide experience in the pharmaceutical industry and in the implementation of policies of quality and GMP standards.
Further, all of our equipment and systems to be used in the production of CBD and control of related processes were purchased from reputable manufacturers recognized at an international level and who specialized in the design and construction of equipment for processing of plant-based products”, commented Alejandro Antalich, Chief Executive Officer of ICC Labs.
ABOUT ICC LABS INC.
ICC Labs is a fully licensed producer and distributor of medicinal cannabinoid extracts, recreational cannabis and industrial hemp products in Uruguay as well as a fully licensed producer of medicinal cannabis in Colombia. The Company has active operations in Uruguay, and is focused on becoming the worldwide leading producer of cannabinoid extracts, giving support and promoting responsible use for medicinal purposes, backed by scientific research and innovation, while following strict compliance with standards for quality and safety.
For more information, please visit www.icclabs.com.
Contact:
ICC Labs Inc.
Alejandro Antalich, Chief Executive Officer
t: 598-2900-0000 ext. 404
e: ir@icclabs.com
Neither the TSX-V nor its Regulation Services Provider (as that term is defined in the policies of the TSX-V) accepts responsibility for the adequacy or accuracy of this release.
Certain statements in this press release constitute forward-looking information. All statements other than statements of historical fact contained in this press release, including, without limitation, those regarding the Company’s future production and sales, results of operations, strategy, plans, objectives, goals and targets, and any statements preceded by, followed by or that include the words “believe”, “expect”, “aim”, “intend”, “plan”, “continue”, “will”, “may”, “would”, “anticipate”, “estimate”, “forecast”, “predict”, “project”, “seek”, “should” or similar expressions or the negative thereof, are forward-looking statements. These statements are not historical facts but instead represent only the Company’s expectations, estimates and projections regarding future events. These statements are not guarantees of future performance and involve assumptions, risks and uncertainties that are difficult to predict. Therefore, actual results may differ materially from what is expressed, implied or forecasted in such forward-looking statements.
Additional factors that could cause actual results, performance or achievements to differ materially include, but are not limited to: receipt of the requisite regulatory approvals required, production and export of hemp and CBD and completion and GMP certification of its extraction laboratories. Additional information identifying risks and uncertainties is contained in the Company’s filings with Canadian securities regulators, and available at www.sedar.com. Management provides forward-looking statements because it believes they provide useful information to investors when considering their investment objectives and cautions investors not to place undue reliance on forward-looking information. Consequently, all of the forward-looking statements made in this press release are qualified by these cautionary statements and other cautionary statements or factors contained herein, and there can be no assurance that the actual results or developments will be realized or, even if substantially realized, that they will have the expected consequences to, or effects on, the Company. These forward-looking statements are made as of the date of this press release and the Company assumes no obligation to update or revise them to reflect subsequent information, events or circumstances or otherwise, except as required by law.
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