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 Bogot 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
ctoro@blueberriesmed.com
Tel: +57 (310) 219 9911
Ian Atacan, Chief Financial Officer
iatacan@blueberriesmed.com
Tel : +1 (416) 562 3220