Blueberries Medical Announces Closing of the Acquisition of BBV Labs – A Milestone in its Argentina Project
TORONTO, Dec. 04, 2020 (GLOBE NEWSWIRE) — Further to its news releases dated March 26, April 4, and July 2, 2019, 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 the Company has completed the acquisition of BBV Labs Inc. (“BBV”), a corporation formed under the laws of the Republic of Panama, pursuant to the previously announced share purchase agreement (the “Purchase Agreement”).
With the Purchase Agreement Blueberries will have the rights to acquire cannabis cultivation, processing, manufacturing and other rights in Argentina, pursuant to a definitive joint venture agreement with the Argentinean state-owned company Cannabis Avatara, S.E. (“Cannava”) and BBV, (the “Joint Venture”). The Joint Venture with Cannava allows the Company to develop and cultivate cannabis on a 3.2 million square foot (74 acres or 30 hectares) prime agricultural property. Cannava will contribute the land to the Joint Venture as well as all required permits and authorization necessary to import seeds, cultivate, grow and harvest cannabis, process cannabis and extract cannabis oil and other derivative products for scientific, medicinal and therapeutic purposes and to export cannabis and derivative products and import and export related equipment and products.The Purchase Agreement was amended to change its terms to reflect the payment of the purchase price to be satisfied by Blueberries issuing 3,000,000 common shares in the capital of the Company to the vendors.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:Christian Toro, Chairman and Chief Executive Officer
Tel: +57 (310) 219 9911Ian Atacan, Chief Financial Officer
Tel : +1 (416) 562 3220Cautionary Note Regarding Forward-Looking Information
This 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: commencement of commercial production of CBD-dominant oils and products in 2020, successful implementation of full GMP standards at its extraction facility to allow for additional export potential to international markets, achieving additional milestones in 2020 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.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.