ICC Labs (TSXV:ICC) issued its interim financial results for its second quarter of 2018.
As quoted in the press release:
ICC Labs is also pleased to announce that has completed the construction of its 124,000 [square feet] greenhouse in Tabio, which is strategically located just north of Bogotá, where the Company intends to produce psychoactive cannabis with up to 20 [percent] of tetrahydrocannabinol (THC) for medicinal purposes, subject to approval of the TSX Venture Exchange.
“We are very enthusiastic about the development of our operations in Uruguay and Colombia. ICC Labs has been able to integrate its production of cannabidiol (CBD) oils in Uruguay using our proprietary CO2 extraction laboratory, which is located in Uruguay’s Free Trade Zone ‘Science Park’ and designed in compliance with the Good Manufacturing Practices (GMP) with the potential production capacity of THC derivatives in Colombia, which currently has the highest percentage (44 [percent]) of the global quota for cannabis assigned by the International Narcotics Control Board. ICC Labs has strengthened its position as one of the largest medicinal cannabis suppliers for the South America market,” commented Alejandro Antalich, CEO of ICC Labs.
During the second quarter of 2018, the Company focused its efforts on completing the construction of the new facilities in Uruguay and Colombia to take steps to expand both business segments.