On February 27, 2018, ICC Labs Inc. (TSX-V:ICC) announced that the Ministry of Justice and Law of the Republic of Colombia had granted ICC Labs’ Colombian subsidiary a license to cultivate psychoactive cannabis plants for medicinal purposes for domestic and international distribution.
The Ministry of Health of the Republic of Colombia also granted ICC Labs’ Colombian subsidiary a license to manufacture cannabis derivatives for medicinal purposes. Each license will be valid for a period of five years and may be renewed upon request within three months of expiration.
ICC expects to commence with 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. The company expects to produce between 8,000 and 12,000 kg 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, ICC expects to commence growing cannabis strains with at least 15% CBD at an outdoor location within Colombia.
ICC now operates in two South American countries – Colombia and Uruguay. Between both countries, the company will have a total outdoor acreage available for CBD-strain production of 680 acres and a total greenhouse area for THC-strain production expected to reach 200,000 sq. ft. In addition, ICC is currently building an extraction laboratory in the free trade zone “Science Park” located in Canelones, Uruguay, which will have an expected processing throughput of 150,000 kilograms of dried flowers per year. Furthermore, the International Board for the Control of Narcotics (at the U.N.) recently assigned Colombia a quota equal to 44% of the global medicinal cannabis production authorized by the board.
ICC 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