- Clever Leaves celebrates the issuance of Joint Resolution 539 of 2022 that marks the completion of the regulatory framework for the export of medical cannabis flowers from Colombia.
- To take advantage of the regulatory change, the Company has already been working on developing the product to meet market needs and on setting the regulatory and logistics pathways for exports.
- Clever Leaves has signed commercial agreements to sell Colombian flower and expects to export milled flower as soon as Q3 2022 and high-THC flower before the end of the year.
BOCA RATON, Fla., April 04, 2022 (GLOBE NEWSWIRE) -- Clever Leaves Holdings Inc. (NASDAQ: CLVR, CLVRW) (“Clever Leaves” or the “Company”), a leading multinational operator and licensed producer of pharmaceutical-grade cannabinoids, announced today that after the issuance of Joint Resolution 539 of 2022 by the Colombian Government, it is ready to begin taking advantage of this regulatory framework and expects to export milled cannabis flower by Q3 of 2022 and high THC flower before the end of the year. The Resolution details the process and requirements for exports of medical cannabis flowers and cannabis derivatives and marks the completion of the required regulatory framework.
Having already exported cannabis flower from its Portuguese facilities and understanding its nuances and complexity, Clever Leaves decided to start working on product development and on the regulatory pathways more than six months ago and is now ready to benefit from the regulatory change. The company has been able to successfully produce high THC cannabis flower in the Research and Development phase and expects the first exports before the end of the year. Similarly, after having grown milled flower for extraction for over 4 years, the company is ready to export this product now that the regulation is finalized. The company intends to leverage its European Union Good Manufacturing Practices (EU GMP) and Good Agriculture and Collection Practices (GACP) to facilitate its entrance to global markets.
The company has signed commercial agreements in its target markets and expects to be fulfilling them by end of the year. It also plans to launch Colombian flower in Germany through its wholly owned subsidiary Clever Leaves Germany GmbH that has successfully been commercializing the company’s IQANNA brand.
Andrés Fajardo, CEO of the Company, said that “the company has been preparing for the change in regulation and with the resolution issued by the Colombian government, Clever Leaves expects to supply flower for our target markets in 2022”. He also said that “cannabis flower accounts for over 50% of the medical cannabis market in its target geographies and thus represents a significant growth avenue for Clever Leaves in the near future as it will leverage its cost, scale, quality certifications, commercial relationships, and experience selling and exporting flower.”
Julian Wilches, Chief Regulatory Officer of Clever Leaves, said that “with the issuance of Joint Resolution 539, the government provides the industry with a solid and modern set of rules that increases the competitiveness of Clever Leaves. We have been working on the regulatory and technical readiness for complying with the new Colombian requirements and the local specifications in our target markets in order to supply flower from Colombia in 2022 and begin fulfilling commercial agreements already in place".
About Clever Leaves Holdings Inc.
Clever Leaves is a leading multinational operator and licensed producer of pharmaceutical-grade cannabinoids. Its operations in Colombia and Portugal produce cannabinoid active pharmaceutical ingredients (API) and finished products in flower and extract form to a growing base of B2B customers around the globe. Clever Leaves aims to disrupt the traditional cannabis production industry by leveraging environmentally sustainable, ESG-friendly, industrial-scale and low-cost production methods, with the world’s most stringent pharmaceutical quality certifications. For more information, please visit https://cleverleaves.com/en/home/ and follow Clever Leaves on Twitter and LinkedIn.
Clever Leaves Press Contacts:
Rich DiGregorio
KCSA Strategic Communications
+1-856-889-7351
cleverleaves@kcsa.com
Diana Sigüenza
Strategic Communications Director
+57-310-236-8830
diana.siguenza@cleverleaves.com
Clever Leaves Commercial Inquiries:
Andrew Miller
Vice President Sales - EMEA, North America, and Asia-Pacific
+1-416-817-1336
andrew.miller@cleverleaves.com
Clever Leaves Investor Inquiries:
Cody Slach and Jackie Keshner
Gateway Group, Inc.
+1-949-574-3860
CLVR@gatewayir.com
