Clever Leaves Colombia to supply extracted products to Canopy LATAM, Canopy Growth’s Latin American Subsidiary
BOGOTÁ, Colombia and SMITHS FALLS, ON – April 21, 2020 – 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. 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.
Kyle Detwiler, CEO of 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,” continued Detwiler.
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.
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 Leaves
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 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 Growth
Canopy 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
