ICC Labs Announces Application for Regulatory Approval for New 1 Million Square Foot Greenhouse for the Production and Export of THC Dry Flowers and Its Derivatives for Medicinal Purposes

VANCOUVER, BRITISH COLUMBIA--(Marketwired - Feb. 7, 2018) -

Highlights:

• Upon approval, the new 1 million square foot greenhouse will be located on government owned land in Uruguay.
  
  

• THC plants will be produced exclusively for medicinal purposes to export to various countries including Germany, Canada and Australia, subject to regulatory approval.
  
  

• ICC Labs intends to become the largest cannabidiol (CBD) and tetrahydrocannabinol (THC) producer in Latin America combining indoor and outdoor cultivation methods.
  
  

ICC Labs Inc. ("ICC Labs" or the "Company") (TSX VENTURE:ICC) is pleased to announce that it has applied to the Government of Uruguay for approval to commence the assembly of a 1 million square foot greenhouse on government land located in San José, Uruguay, just 50 kilometers from ICC Labs' headquarters. The assembly of this greenhouse will advance ICC Labs' intention to become the largest THC producer in Latin America.

"We feel highly confident in getting into the large scale indoor production because of the know-how developed over the past 18 months. Once fully operational, this new greenhouse could produce an annual yield of 120 million grams of dry flower which will allow the Company to produce THC related products. Subject to regulatory approval and according to international demand, we will determinate the amount of THC dry flowers to be exported and the amount to produce THC derivatives", commented Alejandro Antalich, Chief Executive Officer of ICC Labs.

ICC Labs expects to commence the assembly of the new greenhouse as soon as it receives regulatory approval which is anticipated in May 2018. The assembly of the greenhouse is then expected to take approximately eight months. New technologies and organic nutrients will be used to get the highest levels of quality and yield in each plant. Once harvested, extraction to produce THC derivatives will take place at ICC Labs' previously announced state of the art extraction laboratory in compliance with GMP (Good Manufacturing Practices) guidelines.

"Since we are expecting to create many new skilled job opportunities, the Government of Uruguay is planning to create specific courses to train people for this new industry that is growing in Uruguay through our company", concluded Alejandro Antalich, Chief Executive Officer of ICC Labs.

ABOUT ICC LABS INC.

ICC Labs is a fully licensed producer and distributor of medicinal cannabinoid extracts, recreational cannabis and industrial hemp products in Uruguay and a licensed producer of medicinal cannabis in Colombia. The Company has operations in Uruguay, and is focused on becoming the worldwide leading producer of cannabinoids extracts, giving support and promoting the responsible use for medicinal purposes, backed by scientific research and innovation, while following strict compliance and the highest standards for quality and safety. For more information, please see the Company's filings on www.sedar.com and www.icclabs.com.

Neither the TSX-V nor its Regulation Services Provider (as that term is defined in the policies of the TSX-V) accepts responsibility for the adequacy or accuracy of this release.

Certain statements in this press release constitute forward-looking information. All statements other than statements of historical fact contained in this press release, including, without limitation, those regarding the Company's future production and sales, results of operations, strategy, plans, objectives, goals and targets, and any statements preceded by, followed by or that include the words "believe", "expect", "aim", "intend", "plan", "continue", "will", "may", "would", "anticipate", "estimate", "forecast", "predict", "project", "seek", "should" or similar expressions or the negative thereof, are forward-looking statements. These statements are not historical facts but instead represent only the Company's expectations, estimates and projections regarding future events. These statements are not guarantees of future performance and involve assumptions, risks and uncertainties that are difficult to predict. Therefore, actual results may differ materially from what is expressed, implied or forecasted in such forward-looking statements.

Additional factors that could cause actual results, performance or achievements to differ materially include, but are not limited to: the receipt of requisite regulatory approval for the assembly of the new greenhouse, the Company's ability to assemble the greenhouse in a timely and cost effective manner, the Company's ability to obtain all requisite regulatory approvals for the production and export of THC based products from Uruguay and to produce various THC based products in a cost-effective manner. Additional information identifying risks and uncertainties is contained in the Company's filings with Canadian securities regulators, and available at www.sedar.com. Management provides forward-looking statements because it believes they provide useful information to investors when considering their investment objectives and cautions investors not to place undue reliance on forward-looking information. Consequently, all of the forward-looking statements made in this press release are qualified by these cautionary statements and other cautionary statements or factors contained herein, and there can be no assurance that the actual results or developments will be realized or, even if substantially realized, that they will have the expected consequences to, or effects on, the Company. These forward-looking statements are made as of the date of this press release and the Company assumes no obligation to update or revise them to reflect subsequent information, events or circumstances or otherwise, except as required by law.