Clever Leaves, a leading multinational operator (MNO) and licensed
producer of pharmaceutical-grade cannabis and hemp extracts, and
Canopy LATAM Corporation ("Canopy LATAM"), a wholly owned and
controlled subsidiary of Canopy Growth Corporation ("Canopy
Growth") (TSX:WEED, NYSE:CGC), announce that both parties have
entered into a regional supply agreement.
Under the terms of the agreement, Clever Leaves
will supply Canopy LATAM with extracted products from its
GMP-certified, licensed cannabis processing system and cultivation
sites in Colombia. Clever Leaves has delivered the first of these
products to Canopy Growth under the terms of the one-year
agreement, which includes an option to renew for two additional
years.
“With Canopy Growth’s large-scale capacity and
network in Latin America, we expect this agreement to provide
Clever Leaves with significant near-term revenue,” said Kyle
Detwiler, CEO of Clever Leaves. “It also validates Colombia as a
key source for the future of the cannabinoid supply chain, an
important milestone for both Canopy Growth and Clever Leaves.
Certified with Good Manufacturing Practices (GMP) to produce
medical cannabis, Clever Leaves is well positioned to supply
companies such as Canopy Growth, enhancing their returns on capital
invested and enabling greater focus on downstream commercial
activities.”
“Clever Leaves has proven its capabilities in
Colombia and through this supply agreement, Canopy LATAM is
furthering the implementation of its asset-light model and
accelerating time to market with regionally produced GMP-certified
medical cannabis products,” said Antonio Droghetti, Managing
Director, Canopy LATAM. “This agreement strengthens Canopy LATAM’s
regional supply chain and demonstrates our continued commitment to
working with industry partners to further the growth of Colombia
and the LATAM region’s medical cannabis industry.”
Clever Leaves also recently received in Colombia
the quotas to cultivate, extract, and commercialize through
exporting high-THC medical cannabis. With this approval, Clever
Leaves is permitted to provide psychoactive products to global
customers subject to the required import permits being granted,
positioning the company to become one of the largest suppliers of
medical cannabis globally.
About Clever LeavesClever
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
processing as the cornerstones of its global cannabis business.
Clever Leaves is a leading vertically integrated producer of
medical cannabis and hemp extracts and is currently cultivating
over 1.8 million square feet of greenhouses under Good Agricultural
and Collection Practices (GACP) in Colombia. Clever Leaves’
Colombian operation obtained its Good Manufacturing Practices (GMP)
certification from INVIMA, Colombia’s food and drug regulatory
agency, after inspection of its top-of-the-line extraction facility
and is being evaluated for certification under European Good
Manufacturing Practices (EU GMP). Clever Leaves’ first extraction
facility is currently capable of extracting 2,400 kilograms of
dried flower per month, with expansion underway to increase
expected extraction capacity to 9,000 kilograms of dried flower per
month by mid-2020. In November 2019, Clever Leaves received
authorization from INFARMED I.P., the Portuguese regulatory
authority, to start cultivation operations in Portugal. Based on
the pre-license received in Portugal, Clever Leaves Portugal is
currently cultivating its first medicinal cannabis crop on its
90-hectare farm. Clever Leaves is one of the world’s largest hemp
and medical cannabis producers, with a global footprint
encompassing brands, extraction facilities, cultivation operations
and other investments across Canada, Colombia, Germany, Portugal,
and the United States.
About Canopy GrowthCanopy Growth (TSX:WEED,
NYSE:CGC) is a world-leading diversified cannabis, hemp and
cannabis device company, offering distinct brands and curated
cannabis varieties in dried, oil and Softgel capsule forms, as well
as medical devices through Canopy Growth’s subsidiary, Storz &
Bickel GMbH & Co. KG. From product and process innovation to
market execution, Canopy Growth is driven by a passion for
leadership and a commitment to building a world-class cannabis
company one product, site and country at a time. Canopy Growth has
operations in over a dozen countries across five continents. Canopy
Growth’s medical division, Spectrum Therapeutics is proudly
dedicated to educating healthcare practitioners, conducting robust
clinical research, and furthering the public’s understanding of
cannabis, and has devoted millions of dollars toward cutting edge,
commercializable research and IP development. Spectrum Therapeutics
sells a range of full-spectrum products using its colour-coded
classification Spectrum system as well as single cannabinoid
Dronabinol under the brand Bionorica Ethics.
Canopy Growth operates retail stores across
Canada under its award-winning Tweed and Tokyo Smoke banners. Tweed
is a globally recognized cannabis brand which has built a large and
loyal following by focusing on quality products and meaningful
customer relationships. From our historic public listing on the
Toronto Stock Exchange and New York Stock Exchange to our continued
international expansion, pride in advancing shareholder value
through leadership is engrained in all we do at Canopy Growth.
Canopy Growth has established partnerships with leading sector
names including cannabis icons Snoop Dogg and Seth Rogen, breeding
legends DNA Genetics and Green House Seeds, and Fortune 500 alcohol
leader Constellation Brands, to name but a few. Canopy Growth
operates eleven licensed cannabis production sites with over 10.5
million square feet of production capacity, including over one
million square feet of GMP certified production space. For more
information visit www.canopygrowth.com
Notice Regarding Forward Looking StatementsThis
news release contains “forward-looking statements” within the
meaning of the United States Private Securities Litigation Reform
Act of 1995 and “forward-looking information” within the meaning of
applicable Canadian securities legislation. Often, but not always,
forward-looking statements and information can be identified by the
use of words such as “plans”, “expects” or “does not expect”, “is
expected”, “estimates”, “intends”, “anticipates” or “does not
anticipate”, or “believes”, or variations of such words and phrases
or state that certain actions, events or results “may”, “could”,
“would”, “might” or “will” be taken, occur or be achieved.
Forward-looking statements or information involve known and unknown
risks, uncertainties and other factors which may cause the actual
results, performance or achievements of Canopy Growth or its
subsidiaries to be materially different from any future results,
performance or achievements expressed or implied by the
forward-looking statements or information contained in this news
release. Risks, uncertainties and other factors involved with
forward-looking information could cause actual events, results,
performance, prospects and opportunities to differ materially from
those expressed or implied by such forward-looking information,
including the Company’s ability to satisfy provincial sales
contracts or provinces purchasing all cannabis allocated to them,
and such risks contained in the Company’s annual information form
dated June 25, 2019 and filed with Canadian securities regulators
available on the Company’s issuer profile on SEDAR at
www.sedar.com. Although the Company believes that the assumptions
and factors used in preparing the forward-looking information or
forward-looking statements in this news release are reasonable,
undue reliance should not be placed on such information and no
assurance can be given that such events will occur in the disclosed
time frames or at all. The forward-looking information and
forward-looking statements included in this news release are made
as of the date of this news release and the Company does not
undertake an obligation to publicly update such forward-looking
information or forward-looking information to reflect new
information, subsequent events or otherwise unless required by
applicable securities laws.
Press contacts:McKenna
Miller KCSA Strategic Communications +1347-487-6197
mmiller@kcsa.com
Diana Sigüenza Strategic Communication
Director+573102368830Diana.siguenza@cleverleaves.com
Laura NadeauMedia relationsmedia@canopygrowth.com613-485-0386
Tyler Burns Vice President, Investor Relations
Tyler.Burns@canopygrowth.com855-558-9333 ext. 122
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