ICC Labs Rallies On Application To Build Latin America’s Largest Marijuana Greenhouse
Shares of ICC Labs Inc. (TSX-Venture:ICC) have rallied to the tune of over 5% on news that the company has applied to the Government of Uruguay for approval to commence the assembly of a one-million-square-foot greenhouse on government land located in San José, Uruguay, just 50 kilometres from ICC Labs' headquarters. The assembly of this greenhouse will advance ICC Labs' intention to become the largest THC producer in Latin America.
Once fully operational, the new greenhouse could produce an annual yield of 120 million grams of dry flower which will allow the Company to produce THC related products.
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.
Trading of marijuana related stocks have been volatile over the last several months, and that’s likely to continue, however today’s movement currently is to the upside with shares trading at $1.54, up $0.08 or 5.48% in mid-day trading as the stock bounces off recent lows.