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
commenced harvest of its first commercial crops at its 3.2-hectare
Guatavita facility located in Bogotá Savannah, Colombia. The crops
consist of the Company’s five registered non-psychoactive
cannabidiol (“CBD”) strains recently approved by the Colombian
Institute of Agriculture (“ICA”), as announced on September 27,
2019. These five proprietary cultivars were developed and tested by
the Company’s agronomy team and optimized for growth in the local
climate as well as maximized active ingredient yield.
Key points:
- 100 kg of dry flower have been harvested to date with growth
cycle time and yields in line with expectations.
- An additional 3,400 plants are in in the process of being
harvested which will include approved cultivars and trial crops.
The harvesting is scheduled to be completed by the end of 2019 with
an expected yield of 400 to 500 kg of dry flower.
- Commercial production of CBD oil is expected to begin in the
first quarter of 2020.
The Company continues to advance its
custom-built EU-GMP compliant extraction line towards completion
which is expected in January 2020, when oil production is expected
to commence with commercial sales beginning in Q1 2020. This will
include the production of magistral formulations which are
treatments with custom-designed concentrations and properties,
prescribed to patients by physicians for the treatment of specific
medication conditions. The Company’s partnerships with the Van Uden
International Center for Alternative Medicine and El Manantial
Medical Centers will allow for commercial distribution of
Blueberries products and magistral formulations through a growing
combined patient network of over 19,000 patients which is expected
to grow to over 60,000 patients over the next 36-month period as
four new centers are projected to come online. Discussions are also
ongoing for additional sales arrangements. The Company is in the
process of registering additional strains and will provide further
updates on its continued achievements in due course.
"This
is a very significant milestone for Blueberries and the entire team
is very pleased with the substantial operational progress made in
the past few months, which brings us closer to our first
commercial oil extraction in Q1 of 2020 and commencement of sales
operations,” stated Mr. Camilo Villalba, Chief Operating Officer.
“As the industry and regulations continue to evolve rapidly, we are
confident in our ability to meet our key milestones through our
focused strategy of strong, high-quality extraction.”
For images and more information about the
Company and to keep up to date with the Company’s recent
developments, please visit the media center on the Company’s
website.
About the Guatavita FacilityThe
Guatavita facility is a 3.2-hectare cultivation and production
facility located in Bogotá Savannah near an international airport
and distribution hubs. The facility features 150,000 square feet of
open-air greenhouse with dedicated propagation and production
facilities to allow the Company to leverage local contract
growers.
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
cvillalba@blueberriesmed.comTel: +57 (313) 483 0131
Ian Atacan, Chief Financial
Officeriatacan@blueberriesmed.comTel: +1 (416) 562 3220
Jessika Angarita, Pacta Relations
angarita@pactarelations.comTel: +1 (305) 877 4710
Cautionary Note Regarding
Forward-Looking InformationThis 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.
Photos accompanying this announcement are available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/50a5cd5f-e9ef-4cd2-98b2-685d4049a2ed
https://www.globenewswire.com/NewsRoom/AttachmentNg/7f221897-edef-4390-a8e3-5d94bd725874
https://www.globenewswire.com/NewsRoom/AttachmentNg/2246c1e5-6962-42ff-8fb3-e84180c37187
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