Clever Leaves Expands its Presence in Brazil and Peru Through Verdemed Partnership

Clever Leaves Partners with Leading Latin American Company to Provide EU-GMP and INVIMA Certified Products to Brazil and Peru

NEW YORK, April 01, 2021 (GLOBE NEWSWIRE) -- Clever Leaves Holdings Inc. (NASDAQ: CLVR) (“Clever Leaves” or the “Company”), a leading multi-national operator and licensed producer of pharmaceutical-grade cannabinoids, today announced an agreement with Verdemed Holdings Inc. (“Verdemed”), a Latin American pharmaceutical cannabis company based in Toronto, Canada, to supply finished CBD products for the Brazilian and Peruvian markets. The initial portfolio of products includes finished formulations of CBD oral solutions with different concentrations used for different indications.

Verdemed supplies cannabis products in Brazil under the compassionate use model and has submitted applications to register finished products in Brazil and Peru. The products manufactured under this partnership will be registered as pharmaceutical products and sold into distribution channels such as pharmacies and drugstores.

“Verdemed is an important player in the Brazilian market with existing access to patients and is well-positioned to tackle the high regulatory hurdles in Brazil and Peru. This partnership expands Clever Leaves’ presence in one of the largest markets in South America,” said Kyle Detwiler, CEO of Clever Leaves. “We are committed to increasing access for the millions of patients within the growing Brazilian and Peruvian markets, and they will soon have access to the high-quality products we produce thanks to Verdemed’s network.”

“Partnering with Clever Leaves aligns with Verdemed’s mission to offer the best cannabinoid products to all Latin Americans,” said José Bacellar, CEO of Verdemed. “Clever Leaves’ products meet all of the regulatory and product quality standards in each of our key markets, and their EU GMP and INVIMA GMP certifications distinguish their products and bring higher value to patients.”

The Brazilian and Peruvian markets are expanding, and it is estimated that the Brazilian medical cannabis user base could reach close to 3 million people in the next few years. According to Prohibition Partners, with a population of 32 million, Peru’s medical cannabis market is estimated to be worth approximately $100 million. As of September 2020, almost 8,000 patients were registered in the DIGEMID, Peru’s drug regulatory authority database.

About Verdemed Holdings Inc.
Verdemed brings affordable cannabinoid-based pharmaceuticals to doctors and patients in Latin America, in all countries, in all jurisdictions legally authorized to sell medical cannabis. The company’s initial focus is on product formulations of cannabinoid pharmaceuticals currently available in Canada, Europe, and the USA.

Verdemed established a wholly-owned, active-controlled substances pharmaceutical import laboratories in Brazil and Peru, which are registered in compliance with Anvisa and DIGEMID for cannabis-derived products. Its goal is to scale-up exclusive strategic supply chain partnerships with GMP-certified API providers for the industrial production of pharmaceutical grade CBD oil formulations.

About Clever Leaves Holdings Inc.

Clever Leaves is a multi-national cannabis company with an emphasis on ecologically sustainable, large-scale cultivation and pharmaceutical-grade processing as the cornerstones of its global cannabis business. With operations and investments in the United States, Canada, Colombia, Germany and Portugal, 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 cannabis companies recognized for its principles, people, and performance while fostering a healthier global community. Clever Leaves has received multiple international certifications that have enabled it to increase its export and sales capacity from its Colombian operations, including European Union Good Manufacturing Practices (EU GMP) Certification, a Good Manufacturing Practices (GMP) Certification by Colombia National Food and Drug Surveillance Institute - INVIMA, and Good Agricultural and Collecting Practices (GACP) Certification. Clever Leaves was granted a license in Portugal from Infarmed – the Portuguese health authority – which allows Clever Leaves to cultivate, import and export dry flower for medicinal and research purposes. In addition, the Portuguese operation was granted certification of compliance with GACP and IMC-GAP.

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Forward-Looking Statements

This Press Release includes certain statements that are not historical facts but are forward-looking statements for purposes of the safe harbor provisions under the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements generally are accompanied by words such as “anticipate,” “believe,” “continue,” “estimate,” “expect,” “forecasts,” “future,” “intend,” “may,” “outlook,” “plan,” “predict,” “potential,” “projected,” “seek,” “seem,” “should,” “will,” “would” and similar expressions (or the negative versions of such words or expressions) that predict or indicate future events or trends or that are not statements of historical matters. Such forward-looking statements are subject to risks and uncertainties, which could cause actual results to differ from the forward-looking statements. Factors that may cause such differences include, without limitation, expectations with respect to future operating and financial performance and growth, including if or when Clever Leaves will become profitable; Clever Leaves’ ability to execute its business plans and strategy and to receive regulatory approvals; potential litigations; global economic conditions; geopolitical events, natural disasters, acts of God and pandemics, including, but not limited to, the economic and operational disruptions and other effects of COVID-19; regulatory requirements and changes thereto; access to additional financing; demand for Clever Leaves’ products and Clever Leaves’ ability to meet demand for its products and negotiate agreements with existing and new customers; developing product enhancements and formulations with commercial value and appeal; weather and agricultural conditions and their impact on cultivation and construction plans. The foregoing list of factors is not exclusive. Additional information concerning certain of these and other risk factors is contained in Clever Leaves’ most recent filings with the SEC. All subsequent written and oral forward-looking statements concerning Clever Leaves and attributable to Clever Leaves or any person acting on its behalf are expressly qualified in their entirety by the cautionary statements above. Readers are cautioned not to place undue reliance upon any forward-looking statements, which speak only as of the date made. Clever Leaves expressly disclaims any obligations or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in its expectations with respect thereto or any change in events, conditions, or circumstances on which any statement is based.

Clever Leaves Press Contacts:
McKenna Miller 
KCSA Strategic Communications 

Diana Sigüenza
Strategic Communications Director

Clever Leaves Investor Inquiries:
Sean Mansouri, CFA, or Cody Slach
Gateway Investor Relations

Clever Leaves Commercial inquiries:
Andrew Miller
Vice President Sales - EMEA, North America, and Asia-Pacific

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Source: Clever Leaves