Clever Leaves Sends First Commercial Flower Shipment to Australia Through Commercial Partnership with IDT Australia Limited
June 21 2021 - 10:13AM
Clever Leaves Holdings Inc. (NASDAQ: CLVR, CLVRW) (“Clever
Leaves” or the “Company”), a leading multi-national
operator and licensed producer of pharmaceutical-grade
cannabinoids, today jointly announced a commercial agreement with
pharmaceutical manufacturing company, IDT Australia Limited (ASX:
IDT, “IDT”), for Clever Leaves to supply to IDT two varieties of
bulk GACP1 certified flower from its facility in Portugal. As part
of the commercial arrangement, Clever Leaves has made its first
commercial shipment of high-THC dried flower to Australia. In line
with its international strategy, Clever Leaves aims to widen its
distribution channel with IDT and expand its product portfolio to
service and meet the demand of the Australian market.
IDT produces and manufactures pharmaceutical
products in Australia, including medicinal cannabis. Currently,
many patients are unable to access their prescribed cannabis-based
medicines, whilst the current shortage has also affected most
Australian distributors. This agreement will allow Clever Leaves to
aid in the relief of the ongoing medicinal cannabis flower shortage
in Australia.
“Clever Leaves’ supply agreement with IDT is a
great step forward to distribute high-quality products for those in
need in Australia, and we could not be more thrilled to be a part
of the remedy,” said Kyle Detwiler, CEO of Clever Leaves. “With the
Clever Leaves Portugal facility operating commercially, our flower
capabilities are now open for business, providing Australians with
additional medical cannabis flower products and fulfilling growing
patient demand.”
“Australia currently has limited access to
quality and affordable cGMP medicinal cannabis flower products for
patients in need. Clever Leaves is a dependable and reputable
supplier which meets IDT’s stringent cGMP requirements, and we see
this partnership is a strategic solution which creates a great
opportunity for both companies,” said IDT’s CEO Dr David
Sparling.
IDT will package the flower in its cGMP
certified facility which is fully accredited to undertake medicinal
cannabis processing and extraction on tonnage scale and conversion
to finished dosage form, positioning it as a leading facility in
the medicinal cannabis manufacturing space.
1 Good Agricultural and Collection Practices
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 cannabinoid 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 recently
granted certification of compliance with GACP and IMC-GAP.
For more information, please
visit https://cleverleaves.com/en/home/ and
follow us on LinkedIn.
About IDT Australia Limited IDT
Australia Limited (ASX: IDT) is an Australian pharmaceutical
manufacturing company based in Victoria, Australia. The Company has
extensive experience in the development and production of high
potency and high containment pharmaceutical products for local and
international clients. IDT’s facilities are cGMP compliant and are
regularly audited by the US FDA and Australian TGA. With an
experienced team of specialists within world-class facilities, IDT
provides a full-scale service for new drug development and
scale-up, commercial active drug manufacture as well as a variety
of oral and injectable finished drug dose forms.
Forward Looking StatementsThis
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;
and access to financing. 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 +1-347-487-6197mmiller@kcsa.com
Diana SigüenzaStrategic Communications
Director+57-310-236-8830Diana.siguenza@cleverleaves.com
Clever Leaves Investor inquiries: Cody
SlachGateway Investor
Relations+1-949-574-3860CLVR@gatewayir.com
Clever Leaves Commercial inquiries:Andrew
MillerVice President Sales - EMEA, North America, and
Asia-Pacific+1-416-817-1336andrew.miller@cleverleaves.com
Clever Leaves (NASDAQ:CLVR)
Historical Stock Chart
From Mar 2024 to Apr 2024
Clever Leaves (NASDAQ:CLVR)
Historical Stock Chart
From Apr 2023 to Apr 2024