TORONTO, Feb. 20, 2019 (GLOBE NEWSWIRE) — Blueberries Medical Corp. (CSE: BBM) (the “Company” or “Blueberries”) a leading Colombia-based licenced producer of medicinal cannabis and cannabis-derived products is pleased to announce that it has completed the acquisition of a 37-acre (15 hectare) agricultural property in the Bogota Savannah (the “Zipaquira Property”). The total purchase price for the Zipaquira Property was USD $1.5 million. The Company also has the ability to acquire or lease additional land contiguous to the Zipaquira Property for future project and capacity expansion.
Description of the Zipaquira Property
The Zipaquira Property consists of flat, fertile land ideally located in the Bogota Savannah, approximately 24km from the Company’s existing 107,000 ft2 fully operational cannabis greenhouse facility on its 7.4-acre (3 hectare) Guatavita property. The Zipaquira Property has ideal growing conditions to cultivate consistent, high quality dried flower. There is ample supply of natural spring water and the area’s abundant access to natural sunlight is expected to result in electricity costs that are significantly below market.
Blueberries is currently finalizing plans for a large-scale 1,300,000 ft2 cannabis greenhouse facility on the Zipaquira Property which is expected to yield approximately 72,000 kg of dried cannabis per year once completed. Build-out of the new facility is being planned over three phases, with the first fully-funded phase of approximately 500,000 ft2 expected to yield approximately 30,000 kg of dried cannabis per year once completed. The Company anticipates that that the first phase of the build-out will be completed and operational in Q4 2019 at an estimated cost of approximately $2.0 million. Further information regarding the build-out of the additional phases will be released in due course on finalization of construction design and budget.
Colombia is the second largest exporter of cut flowers globally with 70% of all Colombian cut flower production coming from the Bogota Savannah due to its ideal growing conditions. The Bogota Savannah also offers a number of logistical advantages for cannabis cultivation, including a trained and productive labor force, robust infrastructure, a favorable climate, power availability, and access to the largest airport in Colombia.
“The acquisition of this property and development of a purpose-built production facility is a significant step in Blueberries’ strategy to build the critical size required to effectively and efficiently supply the Colombian and international markets with high-quality and innovative cannabis products” said Cristian Toro, CEO of Blueberries.
The Company’s land package now includes multiple farms with the ability to acquire or lease additional contiguous agricultural land in the Bogota Savannah. It is expected that this acquisition will provide the Company with a significant scalability advantage, all in one of the world’s premier agricultural regions ideally suited for cannabis cultivation
Blueberries is also in the process of developing a purpose-built center of excellence in the Bogota Savannah for the research, development and production of cannabis products, operated by a team of multi-disciplinary professionals with expertise in agriculture, genetics, extraction and formulation.
About Blueberries Medical Corp.
Blueberries is a Colombia-based licensed producer of naturally grown premium quality cannabis with its primary operations ideally located in the Bogotá Savannah of central Colombia. 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 (cannabidiol) and THC (tetrahydrocannabinol)-based medical cannabis. 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
Cautionary 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: the ability to derive the implied expected benefits from the acquisition of the Zipaquira Property described in this news release; the ability to acquire additional land to be used for the direct or indirect production of cannabis; the ability to meet production targets and deadlines; the acquisition addressing the Company’s current expansion needs; the ability to expand the Company’s cultivation capacity based on the targets described in this news release, or at all; the expected timing and cost associated with the build-out of the new greenhouse facility; expected advantages of the natural environment on the ability of the Company to reduce production costs; and the ability to attract and retain skilled labor.
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 or internationally; 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 http://www.sedar.com.
No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.
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