TORONTO, June 08, 2020 (GLOBE NEWSWIRE) -- Blueberries Medical Corp. (CSE: BBM) (OTC: BBRRF) (FRA: 1OA) (the “Company” or "Blueberries"), a Latin American licensed producer of medicinal cannabis and cannabis-derived products, is pleased to announce that its wholly-owned subsidiary Blueberries SAS entered into a collaboration agreement (the "Partnership") with Medicamentos de Cannabis SAS (“medcann”), to develop, and produce Tetrahydrocannabinol (“THC”) cannabis extracts for the international market.
Blueberries will develop a Research and Development (“R&D”) project with medcann to produce commercial THC dominant extracts. The Company will utilize its extraction capabilities to process the THC dominant cannabis flower cultivated by medcann. In 2018, medcann became the first and only company to obtain the registration of psychoactive varieties of cannabis in Colombia.
Both companies will work together in the manufacturing and commercialization, taking advantage of market dynamics and the commercial THC quotas to be assigned to Blueberries.
In Q1, 2020, Blueberries commissioned its first extraction line at its 2,800 m2 (30,138 sf) state-of-the-art extraction facility located in a modern and secure industrial park 30 minutes outside of Bogota. The first extraction line is fully operational, and the newly commissioned equipment has sufficient capacity to process biomass from Blueberries’ own cultivation operations, its contract growers, and other associated licensed producers such as medcann.
The facility uses supercritical CO2 extraction technology to produce the highest quality cannabis oil and has been designed with the flexibility to also employ ethanol extraction technologies to match market demand. The current extraction capacity exceeds the 70,000kg/year of dried flower with the ability to accommodate significant future expansion with additional extraction lines. The Blueberries team is heavily focused on establishing a best-in-class extraction operation with the goal of becoming a leading extraction center in Latin America and an international supplier of medicinal-grade cannabis oil extracts, active pharmaceutical ingredients (“API”s) and related products.
The installed Vitalis extraction line is the first equipment of its kind in Colombia having stainless-steel compressor and extraction vessels, built to stringent European Union - Good Manufacturing Practices (“EU-GMP”) standards. The Company’s facility is designed to comply with EU-GMP standards to ensure standardization and consistency of production. Blueberries is currently implementing full EU-GMP standards at its extraction facility and expects to commence the certification process shortly which would permit additional export potential to international markets.
"We're excited to partner with medcann. Our team knows that the best results are delivered when great people come together to collaborate with a common vision. This is precisely the environment we have with the team at medcann," said Camilo Villalba, Chief Executive Officer of Blueberries. "We are just starting. As we continue to develop and introduce unique THC extracts based on proprietary genetics from medcann in the coming months, we will have fully leveraged this opportunity to establish a leading position in the cannabis extracts markets."
medcann has established its outdoor agricultural operations in the flattest area of Colombia, the Eastern plains that account for more than 1/3 of the country, a 100% natural and sustainable agroindustry operation with an exceptionally low cost per gram of dried flower and with the fastest and most cost-efficient expansion ability. With more than 800 hectares available upon demand developed through a significant number of small growers, medcann’s operations generate a positive social impact with sustainable formal employment.
For medcann, as the leading company in regulatory milestones in Colombia, the Partnership represents a new advance in the development of the medicinal cannabis industry. “Each day we become more convinced of the substantial contribution that the cannabis sector can make to the recovery of the economy in these times of crisis. This agreement confirms medcann’s regulatory and agronomic potential as a driver of change of the industry, as companies rely on complementary expertise as a key input to develop joint products” said Jon Ruiz, President of medcann.
medcann is a Canadian company, with international presence, which aspires to be a global supplier and producer of 100% organic cannabis extracts with energy from renewable sources, certified for medicinal use, in an innovative, responsible and sustainable way. We guarantee the highest possible quality for the development of therapeutic solutions that contribute to improving the lives of people around the world. We seek to be the largest and most profitable outdoor medicinal cannabis operator and to build one of the largest genetic banks in the world. To this end, we are committed to working together with health professionals, patients, governments, organizations, technology partners and investors. Our activities promote policies and initiatives that promote and protect health and equity in people's access to therapeutic solutions.
For additional information about medcann, please visit: www.medcann.com
For more information, please contact:
Lucia Esparza Baena – Director of Communications and Corporate Affairs
Tel: +57 (313) 209 3275
About Blueberries Medical Corp.
Blueberries is a Latin American licensed producer of naturally grown premium quality cannabis with its primary operations ideally located in the Bogotá Savannah of central Colombia. The Company is led by a specialized team with proprietary expertise in agriculture, genetics, extraction, medicine, pharmacology and marketing, Blueberries is fully licensed for the cultivation, production, domestic distribution, and international export of CBD and THC-based medical cannabis in Colombia. Blueberries’ combination of leading scientific expertise, agricultural advantages and distribution arrangements has positioned the Company to become a leading international supplier of naturally grown, processed, and standardized medicinal-grade cannabis oil extracts and related products.
Additional information about the Company is available at www.blueberriesmed.com.
For more information, please contact:
Camilo Villalba, Chief Executive Officer
Tel: +57 (313) 483 0131
Ian Atacan, Chief Financial Officer
Tel: +1 (416) 562 3220
Cautionary Note Regarding Forward-Looking Information
This news release contains "forward-looking information" and "forward-looking statements" (collectively, "forward looking statements") within the meaning of the applicable Canadian securities legislation. All statements, other than statements historical fact, are forward-looking statements and are based on expectations, estimates and projections as at the date of this news release. Any statement that involves discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as “expects”, or “does not expect”, “is expected”, “anticipates” or “does not anticipate”, “plans”, “budget”, “scheduled”, “forecasts”, “estimates”, “believes” or “intends” or variations of such words and phrases or stating that certain actions, events or results “may” or “could”, “would”, “might” or “will” be taken to occur or be achieved) are not statements of historical fact and may be forward-looking statements. In this news release, forward looking statements relate, among other things, to: closing of the proposed transactions and achieving milestones in 2019 as contemplated, or at all, ability to expand distribution networks, ability to expand and upgrade the Company’s cultivation facilities in Colombia, internal expectations, expectations regarding the ability of the Company to access new Latin American and international markets, the ability to attract and retain new customers, and future expansion plans including development of the cultivation, production, industrialization and marketing of cannabis for commercial and scientific purposes.
These forward-looking statements are based on reasonable assumptions and estimates of management of the Company at the time such statements were made. Actual future results may differ materially as forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to materially differ from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors, among other things, include: fluctuations in general macroeconomic conditions; fluctuations in securities markets; expectations regarding the size of the Colombian and international medical cannabis market and changing consumer habits; the ability of the Company to successfully achieve its business objectives; plans for expansion; political and social uncertainties; inability to obtain adequate insurance to cover risks and hazards; and the presence of laws and regulations that may impose restrictions on cultivation, production, distribution and sale of cannabis and cannabis related products in Colombia, Argentina and elsewhere; and employee relations. Although the forward-looking statements contained in this news release are based upon what management of the Company believes, or believed at the time, to be reasonable assumptions, the Company cannot assure shareholders that actual results will be consistent with such forward-looking statements, as there may be other factors that cause results not to be as anticipated, estimated or intended. Readers should not place undue reliance on the forward-looking statements and information contained in this news release. The Company assumes no obligation to update the forward-looking statements of beliefs, opinions, projections, or other factors, should they change, except as required by law.
Additional information regarding the Company, and other risks and uncertainties relating to the Company's business are contained under the heading "Risk Factors" in the Company's Listing Statement dated January 31, 2019 filed on its issuer profile on SEDAR at www.sedar.com.
No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.