MD ROCKY VIEW, AB, April 12, 2018 /CNW/ - Sundial Growers Inc. ("Sundial") has signed a Term Sheet Agreement to purchase CBD isolate from the leading producer ICC Labs Inc. ("ICC Labs") (TSX VENTURE: ICC). The agreement, pending completion of ICC Labs GMP-certified laboratory, enables Sundial to purchase up to 250,000 grams of 99% pure CBD per year to supply the Canadian and international markets.
"This agreement gives Sundial access to a quality source of CBD from internationally recognized producer ICC Labs," said Sundial CEO, Torsten Kuenzlen. "CBD products are in high demand and this agreement allows us to secure the supply we need to meet patient and consumer demand in the Canadian market and beyond."
The agreement also contains provisions for the creation of brands and product lines in conjunction with ICC Labs, which will be added to Sundial's global brand portfolio for the medicinal market. As part of the agreement, Sundial will have exclusive international distribution rights to the newly co-created brands and product lines.
"This agreement allows ICC Labs to expand its footprint in Canada and to create exciting new brands that will be included in Sundial's global portfolio," said Alejandro Antalich, Chief Executive Officer of ICC Labs. "Sundial's core expertise in marketing and branding coupled with ICC Labs product development capabilities will be a great benefit to patients and consumers."
Under the terms of the agreement, CBD will be imported into Canada through Sundial's partnership with Plantbiosis Ltd., which is a Canadian licensed dealer. All imported product will be tested in accordance with Canadian standards. The terms of this non-binding agreement are subject to applicable regulatory approvals, including those from TSX Venture Exchange (the "TSX-V") and applicable government authorities in Uruguay and Canada and receipt of all applicable permits.
About Sundial Growers Inc.
Sundial Growers Inc. ("Sundial") is a privately held, Alberta-based Health Canada ACMPR-approved licensed producer of medical cannabis. Sundial combines tried and true heartland farming practices with innovative horticultural techniques to grow a select range of cannabis strains. Our focus is on producing consistent cannabis that our customers can trust.
Sundial currently operates a 31,000 square foot production facility in Rocky View, Alberta, and has two separate production facilities in various stages of completion and licensing. By 2020, we expect to be one of the leading cannabis companies in the country with a projected production of over 100 million grams of dry cannabis and the ability to process over 32 million grams of cannabis extracts.
For more information about Sundial Growers Inc., visit www.sundialgrowers.com.
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 as well as a fully licensed producer of medicinal cannabis in Colombia. The Company has active 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 visit www.icclabs.com.
SOURCE Sundial Growers
For further information: Media Contact: Claire Buffone-Blair, Director of Communications & Stakeholder Relations, Sundial Growers Inc., C: 1.403.471.6378, E: [email protected]; ICC Labs Inc., Alejandro Antalich, Chief Executive Officer, t: 598-2900-0000, e: [email protected]