TORONTO, June 02, 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 it has officially commenced sales of its proprietary cultivars approved by the Colombian Institute of Agriculture (“ICA”).
Blueberries has entered into multiple sales agreements to distribute its proprietary genetics to licensed producers located in Bogota Savannah, the region where the Company operates. Under the agreements, the Company will leverage contract growers to produce the Company’s registered non-psychoactive cannabidiol (“CBD”) strains approved by ICA. These proprietary cultivars were developed and tested by the Company’s agronomic team and optimized for growth in the local climate.Production from contract growers will be processed at the Company’s extraction facility under arrangements whereby Blueberries will retain a certain portion of the extracted product for resale as compensation for these services. Such arrangements provide the Company with premium extracts without the associated cultivation capital expenditures and related risks.“Being located in the same geographical region with the largest number of licensed cannabis growers in Colombia is a tremendous opportunity to sell our approved CBD dominant genetics to the licensed cannabis producers of the region” said Carlos Maldonado, Vice President of Operations. “This added line of business has great potential and will allow us to expand our dry flower production capacity without making any new substantial capital or operational investment in cultivation, which is aligned with our strategic focus on extraction. Additionally, we will secure sufficient cannabis biomass to feed our extraction line and will process a standardized extract oil.” Blueberries leverages technology and strict quality protocols in its genetics cultivation operations. Starting with the cutting of the clones from the mother plant, the highly skilled and experienced technical and operational personnel utilize the most optimal technique to ensure the starter plants are female and clones produce high-yielding crops.“Now that our stabilized clone production is in full operation, we are able to produce high quality genetics for the regional marketplace. By bringing our CBD-dominant seedlings to licensed producers along with our value-added standard operating procedures, we are leveraging our operational expertise and cultivation license.” said Camilo Villalba, Chief Executive Officer of Blueberries. “Our genetics sales will be followed by the sales of our extracts in Q3, 2020, generating revenues to achieve cash flow positivity in the near future.” In addition to the Company’s own flower production, multiple agreements with local contract and associate growers secure sufficient cannabis supply to utilize a significant portion of the extraction facility’s current capacity, while scaling production capacity to maximize the use of the Company’s extraction capabilities.The initial processing capacity of the extraction facility is approximately 70,000kg/year of dried flower. Blueberries’ operations 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”) and related products.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
cvillalba@blueberriesmed.com
Tel: +57 (313) 483 0131Ian Atacan, Chief Financial Officer
iatacan@blueberriesmed.com
Tel: +1 (416) 562 3220Cautionary 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.
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