NEW YORK – 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.
