ICC Labs (TSXV:ICC) announced a new presale agreement with Hlessing Industries, a Colombian based venture, for the supply of cannabidiol (CBD) and tetrahydrocannabinol (THC) derivatives for medicinal purposes.
As quoted in the press release:
Hlessing supplies customers in diverse global industries, including pharmaceuticals, biotechnology, cosmetics, nutraceuticals, personal care, high purity products, food and beverage. Hlessing utilizes Good Distribution Practices (GDP) as outlined by The International Pharmaceutical Excipients Council (IPEC).
In July 2017, Hlessing expanded its business by acquiring the American Health Institute, which is also based in Colombia. Hlessing’ major customers are Cruz Verde, Eticos Serrano Gómez, Salud Market, Cafam Droguerías, among others.
The transactions contemplated by the presale agreement remain subject to the parties negotiating a definitive agreement to determine, among other things, the price and concentrations of the products to be sold, and receipt of requisite regulatory approvals, including that of the TSXV.