Market Herald logo

Subscribe

Be the first with the news that moves the market
  • 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.

More From The Market Herald
HEXO - CEO, Scott Cooper.

" HEXO (TSX:HEXO) delineates its path forward

HEXO (HEXO) has announced cost-saving initiatives to carry the company into the future.

" Tinley’s (CSE:TNY) makes production announcement, closes first tranche of private placement

The Tinley Beverage Company (TNY) will begin making Green Monké products at its Long Beach facility.

" Tinley (CSE:TNY) announces first product clearance under California distribution license

The Tinley Beverage Company (TNY) has released an update regarding products manufactured at its Long Beach facility.

" CENTR Brands (CSE:CNTR) grows retail distribution

CENTR’s (CNTR) retail distribution has increased to 2,100 U.S. locations as of December 2021.