ICC Labs (TSXV:ICC) signed a letter of intent with CanPharma GmbH to export cannabidiol (CBD) and tetrahydrocannabinol (THC) medical products to Germany.
As quoted in the press release:
Through its relationship with CanPharma, ICC Labs intends to export to Germany cannabidiol (CBD) isolate, oils and other derivatives, as well as various medicinal tetrahydrocannabinol (THC) cannabis products, including dried flowers and cannabis extracts from our facilities in Uruguay and Colombia. The export arrangement for (THC) cannabis products is subject to receipt of the requisite regulatory approvals and the negotiation of definitive agreements by the end of second quarter in 2018.
“As part of our strategy to gain a foothold in the European markets, we expect that CanPharma would distribute imported “BIDIOL” branded CBD oils and other medicinal CBD derivatives through German pharmacies. Our CO2 extraction laboratory currently under construction in Uruguay’s Science Park free trade zone in accordance with international Good Manufacturing Practices (GMP) guidelines is expected allow us to meet all the GMP requirements from the German regulatory authorities.