TORONTO, April 23, 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 the Ministry of Justice and Law of the Republic of Colombia has granted a non-psychoactive cultivation license for the Zipaquira property, making it the Company’s second fully licensed cultivation facility in Colombia. The granted license brings Blueberries closer to being one of larger licensed medicinal cannabis producers for domestic and international distribution. In order to quickly and cost-effectively bring the Zipaquira property into production, the Company has signed a Letter of Intent (“LOI”) to enter into a joint venture with QualCann SAS (“QualCann”) for the development of the property into a low-cost outdoor cultivation facility.
QualCann was one the first licensed cannabis producers in Colombia to successfully register cannabis strains in 2018 and has a portfolio of proprietary strains developed specifically for outdoor cultivation as well as significant experience and expertise in this area. Under the LOI, QualCann will provide their specialized genetics, share best practices with Blueberries and contribute to any capital and operating expenses in exchange for a share of the produced cannabis. The excellent conditions for outdoor cannabis cultivation at the Zipaquira property will allow the Company to achieve significant operational savings on the energy cost for artificial lighting and water. The outdoor operation will follow an asset-light model with minimum capital and infrastructure costs, as opposed to a more capital intensive indoor or greenhouse cultivation models.“We are pleased to have received this important license and entered into this strategic relationship with QualCann, an experienced partner that will allow us to apply a low-cost approach to outdoor cannabis cultivation with minimal capital investment,” stated Blueberries CEO, Camilo Villalba. “Our combined focus will be on optimizing the operation to produce cannabis with the highest possible concentration of active non-psychoactive cannabinoids, with the ultimate goal of extracting these compounds at the lowest cost and highest purity possible. The climate found in the highlands of Colombia represents a great opportunity to produce unique and valuable cannabinoid profiles with capital-efficient outdoor cultivation.”“Our team’s expertise coupled with Blueberries’ massive cultivation and extraction infrastructure is a huge competitive advantage in the global markets,” stated Dr. Eduardo Covo, QualCann’s Research and Development Director. “Together we will offer to the market one of the highest quality products at a very competitive price.” Zipaquira Property
Acquired by the Company in February 2019, the Zipaquira property is a 37-acre (15 hectares) agricultural property in the Bogota Savannah. The Zipaquira property consists of fertile land ideally located approximately 24km from the Company’s existing 430,000 sq. ft. (4 hectares) fully operational Guatavita production facility and 25km from the Company’s state-of-the-art extraction facility. The Zipaquira property has ideal growing conditions to cultivate consistent, high quality dried flower. There is ample supply of natural spring water and the area’s abundant access to natural sunlight is expected to result in electricity costs that are significantly below market.About QualCann SAS
QualCann SAS, a wholly owned subsidiary of QualCann, Inc., a Delaware corporation, is a licensed and vertically integrated Colombian cannabis operator. Established in 2017 and one of the first licensees to obtain all necessary permits for commercial production, QualCann is at the forefront of the Colombian market with its unique non-psychoactive genetics registered with the Colombian Institute of Agriculture (ICA). QualCann is leveraging over 12 years of experience in cannabis genetic reproduction and distribution in the legal cannabis sector, particularly in the Colorado market. These genetic cultivars are continuously improved with the gifts that the Colombian ecosystem and natural resources provide. QualCann provides consistency and repeatability through its genetic stabilization and cultivation practices which require minimum inputs compared to artificial indoor growing. The company has decades of experience scaling complex industrial processes for dozens of multi-national corporations. This winning formula of top-quality breeding along with scalable practices for commercial outdoor biomass production will prove a key requirement for the global cannabis supply chain.Additional information about QualCann is available at www.qualcann.co; or please contact:Dr. Eduardo Covo, Director of Research and Development e.covo@qualcann.coAbout 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 and operations currently being established in Argentina. 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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