ICC Labs (TSXV:ICC) announced its subsidiary received two cannabis licenses from the Ministry of Justice and Law of the Republic of Colombia.
As quoted in the press release:
One license permits ICC Labs to cultivate non-psychoactive cannabis plants to produce various medicinal cannabis-based products for domestic and international distribution. The second license permits ICC Labs to obtain cannabis seeds under the Colombian regulatory regime and use such seeds for its operations. ICC Labs’ Colombian licenses are each valid for a period of five years and are renewable upon request within three months’ of expiration.
“Obtaining Colombian licenses further establishes ICC Labs as the leading cannabis producer in Latin America and solidifies our international presence in low-cost jurisdictions,” commented Alejandro Antalich, Chief Executive Officer of ICC Labs. “The Colombian approval process was rigorous and requires, among other things, the creation of social development projects at our cultivation locations. We believe that our experience in Uruguay, where we have recently planted more than 430 acres of non-psychoactive cannabis to be used for cannabidiol (“CBD“) oil production, will give us a competitive advantage over other Colombian license holders.”