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.