RE:ICC Receives 2 Additional Medicinal Licenses in Colombia!TY 12Noons - Great news, I've also included the construction activities and capacity forecasts that were included in the announcement. Gives a great insight into the future direction.
Further, the International Board for the Control of Narcotics recently assigned Colombia a quota equal to 44% of global medicinal cannabis production authorized by the board. The Company will be seeking to take advantage of this situation in order to export cannabis derivatives for medicinal purposes to legal markets throughout the world, such as Canada and Germany.
The Company expects to commence the construction of a 124,000 sq. ft. greenhouse within the next 30 days, where it will grow psychoactive cannabis plants with 20% THC content for medicinal purposes. Upon the completion of its greenhouse, the Company expects to produce between 8,000 kilograms and 12,000 kilograms of dried psychoactive cannabis flowers during its initial year of production, with quantities increasing upon the establishment of its full production cycle. In addition, in accordance with the Company’s previously announced licenses for non-psychoactive cannabis production, the Company expects to commence growing cannabis strains with at least 15% CBD at an outdoor location within Colombia. The Company’s Colombian operations remain subject to the approval of the TSX Venture Exchange.
“We are very excited about our growing portfolio of cannabis-related assets in Uruguay and Colombia. Our total outdoor acreage available for CBD-strain production is now 680 acres, while our total greenhouse area for THC-strain production is expected to reach 200,000 sq. ft. In addition, we have an extraction laboratory currently being constructed with state of the art technology and in accordance with GMP (Good Manufacturing Practices) specifications in the free trade zone “Science Park” located in Canelones, Uruguay, with an expected processing throughput of 150,000 kilograms of dried flowers per year. We therefore believe ICC Labs is positioned to become a leader in the fully-integrated cannabis business in Latin America”, concluded Alejandro Antalich, Chief Executive Officer of ICC Labs.