Clever Leaves International Inc.
(“Clever Leaves”), a leading multi-national operator and licensed
producer of pharmaceutical-grade cannabinoids, announced today that
it has entered into a commercial agreement with GreenCare, a
leading pharmaceutical company in education and medicine, access,
and distribution of products in the Brazilian cannabinoids market,
to license and distribute certain Clever Leaves’ white label
finished cannabis-derived products. The products that will be
delivered to GreenCare will be manufactured in Clever Leaves’
EU-GMP certified facilities in Colombia.
The three-year agreement provides that GreenCare
will purchase at least $4M of product from Clever Leaves, and $2M
was paid to Clever Leaves upon the execution of the contract. This
type of agreement is a significant milestone in Latin America for
cannabinoid products, and it could serve as a guide for additional
supply partnerships that may be struck in the region going forward.
Under the agreement, Clever Leaves will provide a
territory-exclusive, patient-ready CBD-dominant product that will
be exported to Brazil and registered in accordance with the
Brazilian health regulatory agency’s (ANVISA) regulations. The
initial CBD-dominant product that will be shipped by Clever Leaves
will be commercialized and distributed by GreenCare to pharmacies
and other authorized pharmaceutical channels in the country.
GreenCare has committed to perform clinical trials on the initial
product, and the parties anticipate that the first commercial
shipment under the agreement will reach the Brazilian market by
second quarter of 2021.
“This partnership with Clever Leaves reinforces
our commitment to offering solutions in the Brazilian market based
on quality, safety and efficacy. It will allow us to expand a
portfolio of reliable and internationally recognized products,
ensuring that our investments in education and built relationships
with the most respected doctors in the country are validated by the
best available alternatives in cannabinoid treatment in Brazil,”
says Martim Prado Mattos, CEO of GreenCare.
"As the largest potential medical cannabis
market in Latin America, Brazil represents an incredible market
opportunity for Clever Leaves’ licensed products. GreenCare is an
ideal partner for Clever Leaves to enter Brazil, as they offer the
critical experience and knowledge of the commercial dynamics in
Brazil across the medical and pharmaceutical communities,” said
Kyle Detwiler, CEO of Clever Leaves. “The execution of this
agreement provides Clever Leaves with a near-term revenue
opportunity and is a display of confidence in the quality of our
operations and our ability to deliver.”
“This is a major milestone for Clever Leaves, as
we pursue new commercial partnerships and navigate an evolving
global medical cannabis marketplace,” said Andrés Fajardo,
President of Clever Leaves. “Our premium cannabinoid products, EU
GMP certified production practices, and pharmaceutical stability
data generated specifically for the Brazilian tropical conditions,
coupled with GreenCare’s access to important distribution channels
and insight into doctors’ and patients’ needs, will set a new
standard for accessibility, quality and value for Brazil.”
Clever Leaves has received multiple international certifications
that have enabled it to increase its export and sales capacity from
its Colombian operations, including the highly coveted European
Union Good Manufacturing Practices (EU GMP) Certification, a Good
Manufacturing Practices (GMP) Certification by INVIMA, and Good
Agricultural and Collecting Practices (GACP) Certification. Also,
in August 2020, 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.
Clever Leaves recently announced that it amended
its definitive agreement with Schultze Special Purpose Acquisition
Corp. (Nasdaq: SAMA, SAMAW, and SAMAU) (“SAMA”), pursuant to which
a newly formed holding company, Clever Leaves Holdings Inc.
(“Holdco”) will acquire SAMA and Clever Leaves (the “Business
Combination”). The transaction is expected to close in the fourth
quarter of 2020, with Holdco anticipated to become a Nasdaq-listed
public company trading under the ticker symbol “CLVR".
About Clever Leaves International
Inc.Clever Leaves is a multi-national cannabis company
with a mission to operate in compliance with federal and state laws
and with an emphasis on ecologically sustainable, large-scale
cultivation and pharmaceutical-grade processing as the cornerstones
of its global cannabinoid business. With operations and investments
in Canada, Colombia, Germany, Portugal, and the United States,
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 cannabinoid companies recognized for its principles,
people, and performance while fostering a healthier global
community.
About
GreenCare
Founded in 2018, GreenCare has the mission to
offer legal, safe and effective cannabinoid based products to the
health and wellness segments of the Brazilian market.
With a strategy focused on continuous medical
education, scientific research and innovation, GreenCare offers
high quality products, providing strong support to doctors,
patients and consumers. Holding thousands of face-to-face medical
visits or virtual interactions every month, GreenCare has the
highest capabilities among health professionals from the most
varied clinical specialities including neurology, rheumatology,
psychiatry, gynaecology, among others.
GreenCare believes in the potential of medicinal
cannabis and in the countless benefits of its derived products for
patients and their families. The company is continually expanding
its portfolio of cannabis derived products to quickly meet the
different needs of doctors, patients and consumers looking for
innovative solutions in medical treatment and wellness care.
One of the leaders in sales and access in the
Brazilian market, GreenCare has as its controlling shareholder, one
of the most important global funds of venture capital specialized
in cannabis businesses, Greenfield Global Opportunities, which has
investments in 16 companies, established in 6 different
countries.
About Schultze Special Purpose Acquisition
Corp.Schultze Special Purpose Acquisition Corp. (Nasdaq:
SAMA, SAMAW, and SAMAU) is a blank check company formed for the
purpose of entering into a merger, stock exchange, asset
acquisition, stock purchase, recapitalization, reorganization or
other similar business combination with one or more businesses or
entities. SAMA’s sponsor is an affiliate of Schultze Asset
Management, LP, an alternative investment management firm founded
in 1998 that focuses on distressed, special situation and
event-driven securities and has invested over $3.2 billion since
inception with a notable track-record through its active investment
strategy. SAMA itself is backed by an experienced team of operators
and investors with a successful track-record of creating material
value in public and private companies.
Additional Information and Where to Find
ItIn connection with the Business Combination, Holdco has
filed a Registration Statement on Form S-4 (the “Registration
Statement”) with the Securities and Exchange Commission (“SEC”)
which includes a prospectus with respect to Holdco’s securities to
be issued in connection with the Business Combination and a proxy
statement with respect to SAMA’s stockholder meeting at which
SAMA’s stockholders will be asked to vote on the proposed Business
Combination. SAMA, Clever Leaves and Holdco urge investors,
stockholders and other interested persons to read the Registration
Statement, including the proxy statement/prospectus contained
therein, as well as other documents filed with the SEC, because
these documents contain important information about the Business
Combination. Following the Registration Statement having been
declared effective by the SEC, a definitive proxy
statement/prospectus will be mailed to stockholders of SAMA as of a
record date to be established for voting on the Business
Combination. SAMA’s stockholders will also be able to obtain a copy
of such documents, without charge, by directing a request to:
Schultze Special Purpose Acquisition Corp, 800 Westchester Avenue,
Suite 632, Rye Brook, New York 10573; e-mail: sdu@samco.net. These
documents, once available, can also be obtained, without charge, at
the SEC’s web site (http://www.sec.gov).
Participants in
SolicitationSAMA, Clever Leaves, Holdco and their
respective directors, executive officers and other members of their
management and employees, under SEC rules, may be deemed to be
participants in the solicitation of proxies of SAMA stockholders in
connection with the Business Combination. Information regarding the
persons who may, under SEC rules, be deemed participants in the
solicitation of proxies to SAMA’s stockholders in connection with
the Business Combination is set forth in the preliminary proxy
statement/prospectus contained in the Registration Statement, and
will also be included in the definitive proxy statement/prospectus
for the Business Combination when available. Information concerning
the interests of SAMA’s and Clever Leaves’ participants in the
solicitation, which may, in some cases, be different than those of
SAMA’s and Clever Leaves’ equity holders generally, is also set
forth in the proxy statement/prospectus contained in the
Registration Statement, and will also be included in the definitive
proxy statement/prospectus for the Business Combination when
available.
Forward Looking StatementsThis
press release includes forward-looking statements that involve
risks and uncertainties. Forward-looking statements are statements
that are not historical facts and may be identified by the words
"estimates," "projected," "expects," "anticipates," "forecasts,"
"plans," "intends," "believes," "seeks," "may," "will," "should,"
"future," "propose" and variations of these words or similar
expressions (or the negative versions of such words or
expressions). 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, SAMA’s and Clever Leaves’
inability to complete the transactions contemplated by the Business
Combination; matters discovered by the parties as they complete
their respective due diligence investigation of the other; the
inability to recognize the anticipated benefits of the Business
Combination, which may be affected by, among other things, the
amount of cash available following any redemptions by SAMA
stockholders and the ability to close the private placement with
certain institutional investors; the ability to meet Nasdaq's
listing standards following the consummation of the Business
Combination; costs related to the Business Combination;
expectations with respect to future operating and financial
performance and growth, including when Clever Leaves or Holdco will
become cash flow positive; the timing of the completion of the
Business Combination; Clever Leaves’ ability to execute its
business plans and strategy and to receive regulatory approvals;
potential litigation involving the parties; 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;
and other risks and uncertainties indicated from time to time in
filings with the SEC. Other factors include the possibility that
the proposed transaction does not close, including due to the
failure to receive required security holder approvals or the
failure to satisfy other closing conditions. The foregoing list of
factors is not exclusive. Additional information concerning certain
of these and other risk factors is contained in the Registration
Statement, including the proxy statement/prospectus included
therein. All subsequent written and oral forward-looking statements
concerning SAMA, Clever Leaves or Holdco, the transactions
described herein or other matters and attributable to SAMA, Clever
Leaves, Holdco or any person acting on their 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.
Each of SAMA, Clever Leaves and Holdco 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 their expectations with respect thereto or
any change in events, conditions or circumstances on which any
statement is based.
Press contacts:McKenna Miller KCSA Strategic
Communications +1347-487-6197mmiller@kcsa.com
Diana SigüenzaStrategic Communications
Director+573102368830Diana.siguenza@cleverleaves.com
Fábio PimentelGreenCare Strategic
Communication +5511938060617fabio.pimentel@vitalagencia.com
Investor inquiries:Raphael
GrossICR+1203-682-8253raphael.gross@icrinc.com
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