NEW YORK, June 21, 2021 (GLOBE NEWSWIRE) — 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.
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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 Statements
This 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.
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