Oct 19 2017 news releaseThis release is coming true with 430 acre crops soon to harvest and green house allready harvested last december while 2nd indoor crop soon to harvest and more .
October 19, 2017 08:21 ET
ICC International Cannabis Corporation Announces Presales Agreement to Export an Estimated 120,000 Bottles of CBD Oil to Mexico
Highlights:
- ICC enters into its first CBD sales agreement in Mexico.
- ICC expects 2018 production of 1.2 million 30 millilitre bottles of CBD oil.
- ICC launches new branded CBD oil product - 'BIDIOL'.
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Oct. 19, 2017) - ICC International Cannabis Corporation ("ICC" or the "Company") (TSX VENTURE:ICC), a fully licensed producer and distributor of recreational cannabis and cannabinoid extracts used for medicinal purposes, is pleased to announce it has entered into a presales agreement with Grupo Fnix (through Energia y Vida de Mexico S.A. de C.V.) ("Grupo Fnix") for the sale of cannabidiol ("CBD") oil under ICC's newly launched, proprietary line of CBD oil branded 'BIDIOL'. Grupo Fnix is a large Mexican company that manages hundreds of pharmacies through their networks Farmacias El Fnix and Famacias del Dr. Ahorro.
Pursuant to the agreement, until the end of 2018, ICC will export to Grupo Fnix for medicinal purposes 10% of its CBD oil production at prices to be determined under a definitive agreement. ICC expects to produce 1.2 million 30 millilitre bottles of CBD oil in 2018.
On June 19, 2017, Mexico's regulators passed legislation that legalized the use of cannabis oil and other cannabis derivatives for medicinal purposes. The legislation is intended to provide medical patients access to CBD and other cannabis products.
BIDIOL is the first CBD oil product branded and marketed by ICC. BIDIOL will be made under the highest quality standards, supervised by the Ministry of Health in Uruguay. BIDIOL is expected to contain 16.7 mg of CBD per millilitre suspended in ecologic extra virgin olive oil. BIDIOL is expected to contain no THC, putting BIDIOL into a very select class as one of the world's highest content CBD pharmaceutical grade oils.
"The sale and exportation of BIDIOL is part of ICC's strategy to be the global leader in CBD oil production. This agreement represents a significant milestone for the CBD industry as well as for ICC. We are also excited about the potential of the Mexican market, which has a population of over 127 million people. We look forward to building a long-term relationship with our Mexican customers, along with the Mexican regulatory authorities," stated Alejandro Antalich, CEO of ICC.
The agreement between both parties remains subject to applicable regulatory approvals, including those from the TSX Venture Exchange (the "TSXV"), the Instituto de Regulacin y Control del Cannabis, the Uruguayan Ministry of Livestock, Agriculture and Fishery and applicable Mexican authorities.
"This distribution agreement validates our CBD oil platform on an international scale and positions ICC for additional distribution opportunities across Latin America. ICC's CBD based medicinal product 'BIDIOL' will be made under the GMP regulations and guidelines to ensure the product specifications, safety and consistent efficacy," stated Alejandro Antalich, CEO of ICC.
The Company continues to expand its prospective clientele and distribution partnership network, and has been in discussions with government and healthcare agencies in jurisdictions such as Mexico, Colombia, Argentina, Brazil, Chile and Peru. In addition, the Company has met with both pharmaceutical and nutraceutical manufacturers and distributors in Canada and Europe.
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.