TORONTO, April 04, 2019 (GLOBE NEWSWIRE) -- Blueberries Medical Corp. (CSE: BBM) (OTCQB: BBRRF) (FRA: 1OA) (the “Company” or "Blueberries"), a Latin American focused licensed producer of medicinal cannabis and cannabis-derived products, is pleased to announce that it has commenced the Phase 1 planning process with Argentinian state owned cannabis company Cannabis Avatara, S.E. (“Cannava”) in connection with the cooperation agreement entered into under the scope of the “Provincial Program of Promotion of the Cultivation and Production of Cannabis with Scientific, Medicinal and Therapeutic Purposes of the Province of Jujuy in Argentina” (the “Joint Venture”), through its agreement with BBV Labs Inc. as recently announced by the Company.
The first phase of the Joint Venture project will be a Pilot Cultivation Program (the “Pilot Project”) and consists of the preparation and cultivation of cannabis on a 107,000 square foot (1 hectare) area on public lands provided by Cannava with the goal of producing 4 million grams (4,000 kg) of dry cannabis flower and approximately 400,000 milliliters (400 liters) of cannabis oil. The Pilot Project will also evaluate and characterize cannabis seeds and strains that are ideal for the climate conditions of Jujuy, and document the proposed operating procedures, technical processes, strains and products that the Joint Venture is seeking to produce. The Company is in the process of preparing the proposed Pilot Project plan for Cannava’s approval and processing of the applications for the permits as required, with the goal of completing the Pilot Program by May 2020, with an estimated capital requirement of $750k to $1M.
“We are very excited to have formally commenced Phase 1 of this project with our Joint Venture partners as we begin the planning for the development of a world class cultivation, extraction, formulation and manufacturing facility in Jujuy, Argentina,” stated Camilo Villalba, Chief Operating Officer of the Company.
As part of the Phase 1 preparation process, Blueberries and Cannava have conducted meetings to:
- Formally introduce the teams and initiate the scope of the Joint Venture to develop and progressively cultivate cannabis in a scalable project on public lands, under the scope of the Provincial Program of Promotion of the Cultivation and Production of Cannabis with Scientific, Medicinal and Therapeutic Purposes of the Province of Jujuy in Argentina.
- Determine preliminary steps required to design, prepare and undertake the Pilot Project within the public lands that Cannava will identify in accordance with its plans and ongoing projects.
- Identify and select an initial 107,000 square foot (1 hectare) area to undertake the Pilot Project.
- Identify the specific permits and authorizations that the Joint Venture will require from provincial and federal authorities to effectively accomplish each phase of the project, including but not limited to the authorization from the National Institute of Agricultural Technology or INTA, National Institute of Seeds or INASE, National Service of Health and Quality for Agriculture and Nutrition or SENASA, as well as custom permits for the import of the cannabis seeds to be selected by the parties for the project.
Upon successful execution of the Pilot Project, the parties expect to commence the commercial production phase of the Joint Venture project. Blueberries will present to Cannava a proposed Definitive Cultivation Plan for the Joint Venture. Commercial production under the Joint Venture will commence upon Cannava’s approval of the proposed Definitive Cultivation Plan and the receipt of all definitive permits for the cultivation, manufacture, distribution and export of cannabis derivative products from federal government to be obtained by Cannava with the support of the Company.
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: the entering into of definitive agreements with respect to the Joint Venture, successful completion of the Phase 1 program with respect to the Joint Venture, internal expectations, expectations regarding the ability of the Company to expand its cultivation facilities and access new Latin American 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 scientific purposes related to the proposed Joint Venture.
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 or internationally; 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.