- Blueberries Medical (CSE:BBM) has received its license for a second cultivation facility
- The company has entered into a joint venture with an established Colombian cannabis producer, QualCann
- The joint venture production facility will be based at Blueberries’ Zipaquira property in the Colombian highlands
- The outdoor production model at the company, and the outdoor strains of cannabis, will greatly lower production costs
- Blueberries Medical Corp (CSE:BBM) is in the grey at 6 cents per share with a market cap of $8 million
Blueberries Medical (CSE:BBM) has received a license for a second cultivation facility in the Colombian highlands.
The company was granted a non-psychoactive cultivation license for its Zipaquira facility.
The license brings Blueberries closer to being one of the larger licensed medicinal cannabis producers for domestic and international distribution.
To quickly bring the Zipaquira property into production, the company has a signed a letter of intent with QualCann SAS. The agreement is to enter into a joint venture, developing the property into a low-cost outdoor cannabis cultivation facility.
QualCann is a leader in Colombian legal cannabis, being one of the first producers to successfully register cannabis strains in 2018. The company has a significant portfolio of developed strains specifically for low-cost outdoor cultivation. It also has significant experience and expertise in the area.
QualCann and Blueberry are aiming at creating some efficiencies within the Joint Venture, to lower costs and ultimately boost output.
The region which the Zipaquira property is in features a skilled labor force and a long history of flower cultivation. This, coupled with the outdoor production model, will dramatically lower production costs and allow flower cultivation at a substantially reduced premium.
The company’s CEO, Camilo Villalba said the company was happy to receive its license and enter into the joint venture with QualCAnn.
“Our combined focus will be optimising the operation to produce cannabis with the highest possible concentration of active non-psychoactive cannabinoids. The ultimate goal is extracting these compounds at the lowest cost and highest purity possible.
“The climate found in the highlands of Colombia represents a great opportunity to produce unique and valuable cannabinoid profiles with capital-efficient outdoor cultivation,” he said.
Blueberries Medical Corp (CSE:BBM) is in the grey at 6 cents per share at 1`:40 PM EST.