Clever Leaves Holdings Inc. (NASDAQ: CLVR, CLVRW)
(“Clever Leaves” or the “Company”), a leading multi-national
operator and licensed producer of pharmaceutical-grade
cannabinoids, announced today that it has entered into a three-year
“take or pay” partnership agreement with Entourage Phytolab, a
rapidly growing pharmaceutical cannabis research and development
company in Brazil. Clever Leaves will be paid approximately US
$11.4M over the term of the agreement to supply certain finished
products for distribution through the pharmaceutical and the
compassionate care markets in Brazil. In a second agreement, Clever
Leaves will also provide active pharmaceutical ingredients (APIs)
for proprietary formulations of Entourage. Supply of the finished
products will commence in January 2021, with the APIs also
targeting Q1 of 2021.
Entourage Phytolab, a leading research and
development cannabis company with a strong reputation in Brazil,
develops registered, safe and effective drugs to increase patients'
access to the therapeutic potential of cannabinoids and will use
Clever Leaves’ API in its first botanical drug candidate. According
to data and research company, New Frontier Data, Brazil represents
the largest addressable market in Latin America with a population
of 210 million and a rapidly growing patient network for medical
cannabis.
"With their regulatory expertise in Brazil as
well as their clinical research experience, Entourage Phytolab is
an ideal partner and represents an incredible opportunity for
Clever Leaves to distribute cannabinoid products throughout
Brazil,” said Kyle Detwiler, CEO of Clever Leaves. “We expect our
robust product development expertise and EU GMP certified
facilities, which satisfy the Brazil National Health Surveillance
Agency’s (ANVISA) strict quality standards, positions us to enable
our partners to capitalize on growing patient demand as the
Brazilian cannabis industry begins to accelerate.”
“Entourage Phytolab started its activities in
2015 and is a leader in the research and development of CBD and THC
based medicines globally,” said Caio Santos Abreu, Founder and CEO
of Entourage Phytolab. "After five years of R&D, we are
launching our first products in 2021 and the partnership with
Clever Leaves is an important step for us to build the best
portfolio of cannabis-based medicines in the country."
“This agreement expands Clever Leaves’ presence
in one of the largest markets in South America as we continue to
establish formidable commercial partnerships around the world,”
said Andrés Fajardo, President of Clever Leaves. “Equipped with
high quality products, Entourage Phytolab has the potential to
reach thousands of patients across the country through their market
access and capabilities, and these products will set the standard
for quality and value for Brazilian patients.”
About Clever Leaves Holdings
Inc.
Clever Leaves is a multi-national cannabis
company with an emphasis on ecologically sustainable, large-scale
cultivation and pharmaceutical-grade processing as the cornerstones
of its global cannabis business. With operations and investments in
the United States, Canada, Colombia, Germany and Portugal, Clever
Leaves has created an effective distribution network and global
footprint, with a foundation built upon capital efficiency and
rapid growth. Clever Leaves aims to be one of the industry’s
leading global cannabis companies recognized for its principles,
people, and performance while fostering a healthier global
community. Clever Leaves has received multiple international
certifications that have enabled it to increase its export and
sales capacity from its Colombian operations, including European
Union Good Manufacturing Practices (EU GMP) Certification, a Good
Manufacturing Practices (GMP) Certification by Colombia National
Food and Drug Surveillance Institute - Invima, and Good
Agricultural and Collecting Practices (GACP) Certification. Clever
Leaves was granted a provisional license in Portugal from Infarmed
– the Portuguese health authority – that allows Clever Leaves to
cultivate, import and export dry flower for medicinal and research
purposes.
For more information, please visit
https://cleverleaves.com/en/home/.
About Entourage Phytolab
Founded in 2015 in Sao Paulo, Entourage Phytolab is a Brazilian
biotech pioneer in the research and development of cannabis-based
medicines. Entourage’s R&D team is creating a new generation of
cannabinoid drugs, proprietary superior bioavailability
formulations and conducting regulatory clinical trials. The first
products will hit the market in 2021 and will be used to treat
problems such as epilepsy, chronic pain, cancer pain, insomnia, and
arthritis.
For more information, please visit
http://entouragelab.com/en/index.html
Forward Looking Statements
This Press Release includes certain statements
that are not historical facts but are forward-looking statements
for purposes of the safe harbor provisions under the United States
Private Securities Litigation Reform Act of 1995. Forward-looking
statements generally are accompanied by words such as “anticipate,”
“believe,” “continue,” “estimate,” “expect,” “forecasts,” “future,”
“intend,” “may,” “outlook,” “plan,” “predict,” “potential,”
“projected,” “seek,” “seem,” “should,” “will,” “would” and similar
expressions (or the negative versions of such words or expressions)
that predict or indicate future events or trends or that are not
statements of historical matters. Such forward-looking statements
are subject to risks and uncertainties, which could cause actual
results to differ from the forward-looking statements. Factors that
may cause such differences include, without limitation,
expectations with respect to future operating and financial
performance and growth, including if or when Clever Leaves will
become profitable; Clever Leaves’ ability to execute its business
plans and strategy and to receive regulatory approvals; potential
litigations; global economic conditions; geopolitical events,
natural disasters, acts of God and pandemics, including, but not
limited to, the economic and operational disruptions and other
effects of COVID-19; regulatory requirements and changes thereto;
access to additional financing. The foregoing list of factors is
not exclusive. Additional information concerning certain of these
and other risk factors is contained in Clever Leaves’ most recent
filings with the SEC. All subsequent written and oral
forward-looking statements concerning Clever Leaves and
attributable to Clever Leaves or any person acting on its behalf
are expressly qualified in their entirety by the cautionary
statements above. Readers are cautioned not to place undue reliance
upon any forward-looking statements, which speak only as of the
date made. Clever Leaves expressly disclaims any obligations or
undertaking to release publicly any updates or revisions to any
forward-looking statements contained herein to reflect any change
in its expectations with respect thereto or any change in events,
conditions or circumstances on which any statement is based.
Press contacts:Clever
LeavesMcKenna MillerKCSA Strategic
Communications+1347-487-6197mmiller@kcsa.com
Diana SigüenzaStrategic Communications
Director+573102368830Diana.siguenza@cleverleaves.com
Entourage Phytolab
Bruno
Ferrari NovaPR+5511971522727bruno.ferrari@novapr.com.br
Thais AntonelliEntourage Phytolab+55 11
96488-0040thais.antonelli@entouragelab.com
Investor inquiries:Clever
LeavesSean Mansouri, CFA or Cody SlachGateway
IR+1949-574-3860CLVR@gatewayir.com
Entourage PhytolabCaio Santos AbreuChief
Executive Officercaio@entouragelab.com
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