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
