Blueberries Medical Harvests First Commercial Crop & Progresses Towards Expected Sales in Early 2020
TORONTO, Dec. 03, 2019 (GLOBE NEWSWIRE) — 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 it has commenced harvest of its first commercial crops at its 3.2-hectare Guatavita facility located in Bogotá Savannah, Colombia. The crops consist of the Company’s five registered non-psychoactive cannabidiol (“CBD”) strains recently approved by the Colombian Institute of Agriculture (“ICA”), as announced on September 27, 2019. These five proprietary cultivars were developed and tested by the Company’s agronomy team and optimized for growth in the local climate as well as maximized active ingredient yield.
Key points:100 kg of dry flower have been harvested to date with growth cycle time and yields in line with expectations.An additional 3,400 plants are in in the process of being harvested which will include approved cultivars and trial crops. The harvesting is scheduled to be completed by the end of 2019 with an expected yield of 400 to 500 kg of dry flower.Commercial production of CBD oil is expected to begin in the first quarter of 2020. The Company continues to advance its custom-built EU-GMP compliant extraction line towards completion which is expected in January 2020, when oil production is expected to commence with commercial sales beginning in Q1 2020. This will include the production of magistral formulations which are treatments with custom-designed concentrations and properties, prescribed to patients by physicians for the treatment of specific medication conditions. The Company’s partnerships with the Van Uden International Center for Alternative Medicine and El Manantial Medical Centers will allow for commercial distribution of Blueberries products and magistral formulations through a growing combined patient network of over 19,000 patients which is expected to grow to over 60,000 patients over the next 36-month period as four new centers are projected to come online. Discussions are also ongoing for additional sales arrangements. The Company is in the process of registering additional strains and will provide further updates on its continued achievements in due course.
“This is a very significant milestone for Blueberries and the entire team is very pleased with the substantial operational progress made in the past few months, which brings us closer to our first commercial oil extraction in Q1 of 2020 and commencement of sales operations,” stated Mr. Camilo Villalba, Chief Operating Officer. “As the industry and regulations continue to evolve rapidly, we are confident in our ability to meet our key milestones through our focused strategy of strong, high-quality extraction.” For images and more information about the Company and to keep up to date with the Company’s recent developments, please visit the media center on the Company’s website.About the Guatavita Facility
The Guatavita facility is a 3.2-hectare cultivation and production facility located in Bogotá Savannah near an international airport and distribution hubs. The facility features 150,000 square feet of open-air greenhouse with dedicated propagation and production facilities to allow the Company to leverage local contract growers. 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:Camilo Villalba, Chief Operating Officer
Tel: +57 (313) 483 0131Ian Atacan, Chief Financial Officer
Tel: +1 (416) 562 3220Jessika Angarita, Pacta Relations
Tel: +1 (305) 877 4710Cautionary 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: closing of the proposed transactions and achieving milestones in 2019 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.These forward-looking statements are based on reasonable assumptions and estimates of management of the Company at the time such statements were made. Actual future results may differ materially as forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to materially differ from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors, among other things, include: fluctuations in general macroeconomic conditions; fluctuations in securities markets; expectations regarding the size of the Colombian and international medical cannabis market and changing consumer habits; the ability of the Company to successfully achieve its business objectives; plans for expansion; political and social uncertainties; inability to obtain adequate insurance to cover risks and hazards; and the presence of laws and regulations that may impose restrictions on cultivation, production, distribution and sale of cannabis and cannabis related products in Colombia, Argentina and elsewhere; and employee relations. Although the forward-looking statements contained in this news release are based upon what management of the Company believes, or believed at the time, to be reasonable assumptions, the Company cannot assure shareholders that actual results will be consistent with such forward-looking statements, as there may be other factors that cause results not to be as anticipated, estimated or intended. Readers should not place undue reliance on the forward-looking statements and information contained in this news release. The Company assumes no obligation to update the forward-looking statements of beliefs, opinions, projections, or other factors, should they change, except as required by law.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.Photos accompanying this announcement are available athttps://www.globenewswire.com/NewsRoom/AttachmentNg/50a5cd5f-e9ef-4cd2-98b2-685d4049a2edhttps://www.globenewswire.com/NewsRoom/AttachmentNg/7f221897-edef-4390-a8e3-5d94bd725874https://www.globenewswire.com/NewsRoom/AttachmentNg/2246c1e5-6962-42ff-8fb3-e84180c37187