TORONTO, June 05, 2019 (GLOBE NEWSWIRE) -- Blueberries Medical Corp. (CSE: BBM) (OTCQB: BBRRF) (FRA: 1OA) (the “Company” or "Blueberries"), a leading Latin American licensed producer of medicinal cannabis and cannabis-derived products, is pleased to announce that it has entered into a letter agreement (the "Letter Agreement") to become a strategic supplier of medical cannabis products to Canurius UG (“Canurius”), for the sale and distribution of cannabis products in Germany with the potential for expansion into Austria, Switzerland and the Netherlands. Pursuant to the terms of the Letter Agreement, Blueberries will provide Canurius with approximately 100 litres (100 kg) of cannabis oil extract per month for an initial 12-month term. The completion of the transaction is subject to and conditional upon satisfactory legal and financial due diligence and the execution of a definitive agreement.
Canurius is an independent cannabis distributor with a network of 100 pharmacies in Germany that is expected to expand to approximately 1,000 pharmacies by 2020. The agreement provides for the import, sales and distribution of Blueberries CBD-based cannabis products for health and wellness purposes, including extracts, finished products, cosmetics, dietary supplements and other medicinal-grade cannabis products under German regulations by Canurius for its authorized market and territory. Canurius is also currently in the process of negotiating with large German pharmacy wholesalers to increase its market penetration to more than 10,000 pharmacies.
“Germany has a medicinal-grade cannabis supply shortage and Canurius is an ideal partner to take Blueberries’ cannabis products into Germany as one of Europe’s most promising cannabis distributors with a significant and growing network of potential customers,” stated Dr. Patricio Stocker, Chief Executive Officer, Blueberries. “This is also an important step towards our entry to the broader European market, an evolving jurisdiction with a total population of over 740 million people. The specialized import and distribution partners that the Canurius team has will expedite our movement into these additional countries.”
“We are looking forward to the opportunity to bring Blueberries’ exclusive cannabis strains and unique product offerings to the European market. There is tremendous demand for premium medicinal-grade cannabis oils with high CBD content, making Blueberries’ catalogue of over 140 proprietary strains and related products ideally suited to our distribution network,” stated Bekir Ari, Managing Partner of Canurius. “The team at Blueberries is truly world-class and we are confident that their expertise in agriculture, genetics, manufacturing and marketing will make them ideal partners as we scale to meet the growing demand in Germany, and other countries in the European Union in the future as legislation continues to evolve. The innovative products being developed by Blueberries including cannabis-based beverages, cosmetics and medical products will be extremely valuable as the cannabis industry in Europe evolves and consumers look to consume diversified cannabis-based products.”
Germany alone has a population of over 80 million people and is anticipated to become Europe’s largest regulated medical cannabis market (Source: Prohibition Partners – The European Cannabis Report 4th Edition, January 2019). The current German medical cannabis regulations came into effect on March 10, 2017 and the country is heavily reliant on imported cannabis to meet the growing demand. Blueberries and Canurius will work collaboratively to prepare and obtain the necessary export and import approvals to begin importing Blueberries’ products and cannabis extracts, formulations and products to Germany.
Canurius has committed to purchase from Blueberries a quantity of up to 100 litres (100 kg) of CBD oils per month, for a period of 12 months, with renewal provisions contemplated for thereafter. It is anticipated that it will take the parties approximately 6 months to ramp up to these quantities upon the initiation of product export.
About Canurius UG
Canurius is an independent cannabis distributor in the final stages of becoming a licensed importer and distributor of medical cannabis products in Germany. Canurius will fulfill the functionality of a sales office in Europe focused on increasing producer’s market penetration in the EU. The company specializes in logistics and organizing commercial agreements within Europe in order to offer added value to its partners and help to bring their products to the European market. The company will distribute cannabis-based products directly to its customers which includes direct reach to a network of over 100 pharmacies in Germany expected to expand to approximately 1,000 by 2020. In addition to Canurius’ own distribution network, the company is working with the biggest wholesalers in the pharmaceutical industry to increase its market penetration to more than 10,000 pharmacies. For more information visit www.canurius.com
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 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 Operating Officer
Tel: +57.313.483.0131
Email: cvillalba@blueberriesmed.com
Jessika Angarita, Pacta Relations
Tel: +1 (305) 877 4710
Email: angarita@pactarelations.com
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: completion of satisfactory due diligence by each of the Company and Canurius, the entering into a definitive agreement with respect to the proposed transaction on the terms set out herein or at all, internal expectations, expectations regarding the ability of the Company to produce required amounts of CBD oils, the ability of the Company and Canurius to obtain all necessary import, export, and other regulatory approvals necessary to facilitate the transactions referred to herein, the ability to attract and retain new customers, and future expansion plans including development of the cultivation, production, and marketing of cannabis and cannabis-derived products.
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.