ICC International Cannabis (TSXV:ICC) provided shareholders with an update on their cannabis operation in Uruguay.
As quoted in the press release:
Recreational Cannabis Sales Update:
ICC, South America’s first fully licensed and government approved producer and distributor of recreational cannabis commenced sales on July 19, 2017 when it began to distribute its two recreational cannabis products (ALFA I and BETA I) via sixteen approved pharmacies in Uruguay. Over 4,500 authorized purchasers had registered prior to the July 19, 2017 launch date, and since then, an additional 7,008 purchasers have registered, representing a 156% increase of registered recreational buyers in a 21-day period. Furthermore, four new pharmacies have begun the application process and ten more have shown interest in doing so.
“The number of registered users as purchasers to access the psychoactive cannabis of non-medical use in pharmacies doubled, amounting today to 11,508 qualified. New requests for adhesion of pharmacies to the system are being processed, so that the number of access points in different parts of the country will increase progressively” published by the Instituto de Regulación y Control de Cannabis (“IRCCA“), the regulatory body overseeing the cannabis industry in Uruguay.
Within the first two weeks of non-medical sales, the Company received additional product orders from IRCCA and its approved pharmacies for a total of 64kg, translating to 12,800 packages of 5 gram ALFA I and BETA I products. Although a bi-weekly replenishment of stock was previously agreed to by the Company and IRCCA, due to the high demand, four additional deliveries had to be made in this two week time period. The recreational market in Uruguay is expected to reach a potential 160,000 registered buyers, with each registrant able to purchase up to 40 grams of recreational cannabis per month. The Company continues to expand its production output in order to meet expected ongoing recreational sales demand.