VANCOUVER, British Columbia, June 18, 2019 (GLOBE NEWSWIRE) -- ICC International Cannabis Corp. (CSE:WRLD.U)(8K51.F)(WLDCF) (the “Company” or "ICC" or “International Cannabis”) is pleased to announce that the Company has completed a Technical Feasibility Study (the “Feasibility Study”) relating to its proposed 150,000 square foot Danish GACP/EU-GMP certified Greenfield cultivation, processing and manufacturing facility (the “Danish Facility”).
The Company previously engaged a leading Denmark based international pharma engineering firm to perform a comprehensive Feasibility Study for its planned Danish Facility; situated on a 100-acre land parcel in Møldrup, Denmark.
The initiation of the Danish Facility project marks another milestone for ICC, as it continues to execute on its long-term economically sustainable and alpha generating corporate stratagem.
Leveraging proprietary design and build IP, as well as its proven cultivation methodologies, ICC seeks to achieve full optimization of each square foot in the Danish Facility. The Company forecasts that further engineering efficiencies will be achieved by way of customized process design and building systems.
Initial conclusions of the Feasibility Study indicate that once fully operational, ICC’s Danish Facility will achieve annualized production capabilities of circa 20,000,000 grams of artisanal grown, ultra-premium dried cannabis flower for sale into high value medical markets.
International Cannabis also plans to pursue the outdoor cultivation of high quality, low cost field crops on 45 acres of farmable land. Preliminary soil sampling initiatives of the Company’s Danish land package has indicated ideal soil composition and health.
With increased organic matter levels as a result of implementing its outdoor agricultural program, ICC is forecasted to yield 81,000 kg dried cannabis in the 2020 harvest season from its of auto-flower and photoperiod cannabis crops.
The scope of the Feasibility Study included an exhaustive analysis of EU-GMP regulations/requirements, initial environmental studies/samplings, the development of facility specific standard operating guidelines and processing schedules, as well as the delivery of:
- Domestic and international compliance statements;
- Project profitability assessment and economic models;
- Detailed capital and operating expenditure estimates;
- Itemized process work flows;
- General engineering and building principles;
- Project milestone timelines; and,
- Macro risk assessment and Recommendations.
International Cannabis’ Danish Facility will be constructed in four portioned blocks, leveraging modular designs that are architected to support streamlined future expansion. The standalone, single level Danish Facility will be comprised of a 150,000 square foot structural footprint and will include the following design specifications:
- Cultivation block consisting of:
° 56,250 square feet of net flower canopy producing;
♦ 70 grams of dried cannabis per harvest
♦ Five harvests annually
° 55,000 square feet of dedicated post-harvest production space;
♦ Including 20,400 square feet of processing infrastructure
♦ Additional packaging and distribution capabilities
- 20,000 square feet of office/administration, gowning and utilities space;
- GMP compliant waste disposal area;
- Segregated Good Distribution Practices (“GDP”) loading bays;
- Proprietary Building Management Systems (“BMS”), Facility Monitoring Systems (“FMS”) and Quality Management Systems (“QMS”);
- Apportioned GACP and EU-GMP areas, including air locked access corridors; and,
- Internal service road;
To expedite construction timelines while maintaining a critical project path, International Cannabis intends to simultaneously build out each respective modular block. The Company is also presently running capacity simulation scenarios to further refine cost estimations, while optimizing production, processing, manufacturing and distribution work flows.
David Shpilt, Chief Executive Officer of International Cannabis stated: “Through highly coveted and stabilized genetics, state of the art building control systems to achieve pharmaceutical standardization of medical cannabis, and a proprietary Quality Management System, ICC’s Danish production facility will yield the finest cannabis products to meet the demands of educated, sophisticated and quality-driven consumers.
The completion of our 150,000 Danish Facility on time and within budget, will signal to the marketplace that ICC has established yet another flagship cultivation and manufacturing hub; enabling the distribution of high-margin products into high-value European patient populations with drastically shorter lead times. Through astute engineering and planning, our industry leading facility will be constructed in independent purpose-built blocks, supporting expansion of capacity and new functions while maintaining full operational capabilities.”
Throughout production ICC intends to leverage various cultivation and plant physiology concepts with the objective of optimizing plant performance and thereby achieving greater production yields. The Company’s cultivation concepts have been developed over five years of Canadian commercial cultivation experience and include:
- Proprietary soil/nutrient monitoring and plant health monitoring solutions;
- Consistent delivery of ideal primary, secondary, and micro nutrients;
- Evaluation and comprehension of the rhizosphere and its effect on inputs and yield;
- Creation of crops that are more resistant to pests and disease;
- Manipulation of nutrient and substrate conditions to drive plant health and yield; and,
- Deploying solutions to influence biochemical and physiological pathways toward superior quality and yield
Mr. Shpilt continued, “We are in pursuit of non-dilutive, project level debt financing for our planned Danish Facility- leveraging our deep seated relationship with pharma engineering partners and superior forecasted economics to attract bulge bracket international lenders.
We have worked tirelessly to provide potential institutional partners with de-risked opportunities, such as the Danish Facility to satisfy their requirements. We are normalizing cannabis cultivation project financing by first demonstrating the depth and sophistication of our operational capabilities.”
Denmark legalized medical cannabis on January 1, 2018, following a unanimous vote by the Danish parliament. Since legalization, the Danish government has displayed strong support for cannabis development in the forms of both research grants and tax incentives. Denmark has quickly evolved into a premier European jurisdiction for medical cannabis cultivation due to the following:
- Motivated and stable government;
- Ample supply of low-cost power;
- No medical cannabis production cap or quotas;
- Access to skilled agricultural and manufacturing labour forces;
- Local plant breeding and genetics expertise;
- Well-financed health care system;
- Established retail pharmacy network for product distribution;
- Proximity to larger import-based markets, such as Germany and the European Union;
ABOUT INTERNATIONAL CANNABIS
ICC International Cannabis, through its subsidiaries, has operating assets and is developing a world-class platform for cultivation, extraction, formulation and distribution across the globe in the United Kingdom, Denmark, Poland, Switzerland, Germany, Macedonia, Bulgaria, Serbia, Croatia, Greece, Italy, Portugal, Malta, Colombia, Argentina, Australia, South Africa and Lesotho.
ON BEHALF OF THE ICC INTERNATIONAL CANNABIS CORP BOARD OF DIRECTORS
Chief Executive Officer
+001 (604) 687-2038
Investor Relations Contact:
+001 (416) 597-5769
For ICC French inquiries:
Remy Scalabrini, Maricom Inc.
E: firstname.lastname@example.org T: +001 (888) 585-MARI
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Notice Regarding Forward Looking Information:
This news release contains certain "forward-looking information" within the meaning of applicable Canadian securities law. Forward-looking information is frequently characterized by words such as "plan", "continue", "expect", "project", "intend", "believe", "anticipate", "estimate", "may", "will", "potential", "proposed" and other similar words, or information that certain events or conditions "may" or "will" occur. This information is only a prediction. Various assumptions were used in drawing the conclusions or making the projections contained in the forward-looking information throughout this news release. Forward-looking information includes, but is not limited to: political changes in Canada and internationally, future legislative and regulatory developments involving cannabis in Canada and internationally, the Company’s ability to secure distribution channels in international jurisdictions, competition and other risks affecting the Company in particular and the cannabis industry generally.
The forward-looking information contained in this release is expressly qualified by the foregoing cautionary statements and is made as of the date of this release. Except as may be required by applicable securities laws, the Company does not undertake any obligation to publicly update or revise any forward- looking information to reflect events or circumstances after the date of this release or to reflect the occurrence of unanticipated events, whether as a result of new information, future events or results, or otherwise.