Clever Leaves Confirms Its First Commercial Export Of THC Flower From Portugal To The U.S.

Clever Leaves Holdings Inc. (NASDAQ:CLVR) confirmed Wednesday that it will export 30 kg of high-THC cannabis flower from its Portugal facility to the Biopharmaceutical Research Company (“BRC”), a DEA-licensed pharmaceutical company. BRC develops federally compliant active pharmaceutical ingredients for plant-based therapeutics in the U.S.

Not only does this fortify Clever Leaves’ entrance into the U.S. and solidifies BRC’s ability to transact internationally, but it positions the two organizations as among the first companies ever to commercially ship dried cannabis flower from Portugal to the U.S.

Under the deal, Clever Leaves’ product will be used for BRC’s pharmaceutical development projects.

“Exporting THC flower to BRC, a DEA-licensed company located in the U.S., not only represents an important commercial milestone for Clever Leaves, but it demonstrates our capabilities to determine and execute upon a viable regulatory pathway to enter the U.S., the largest cannabis market in the world,” Kyle Detwiler, CEO of Clever Leaves stated. “By becoming one of the first companies to commercially export THC flower to the U.S., we are paving Clever Leaves’ path into the U.S. medical cannabis industry through a partner such as BRC. We are honored to provide BRC the high-quality product they need to advance in their research, development, and production.”

Previous Collaborations

In addition to this shipment of dried cannabis flower, BRC and Clever Leaves have already 

developed a strong partnership over the past year through their collaboration in Project Change Lives, an initiative announced earlier this year to contribute up to USD$25M in medical cannabis products to help advance scientific research in the U.S.

“Our partnership with Clever Leaves continues to yield exciting research opportunities that will one day make a difference in the lives of patients,” George Hodgin, CEO of Biopharmaceutical Research Company said in a statement. “Both companies share the same values when it comes to DEA compliance—we take it seriously—which is why we believe this partnership is only getting started. We are thrilled to partner with Clever Leaves once again and are eager to begin working with this premium quality product.”

Price Action

Clever Leaves’ shares were trading 3.93% lower at $6.85 per share at the time of writing Wednesday morning.

Photo: Courtesy of Jeff W on Unsplash