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Clever Leaves, a licensed producer of pharmaceutical-grade cannabinoids, has been granted rights to commence its European cultivation activities.
The licensed producer of pharmaceutical-grade cannabinoids received INFARMED I.P's license to cultivate, commercialize and export Good Agricultural and Collecting Practice quality dried cannabis flower, produced at its Portugal-based cultivation site.
It's coming on the heels of the recent announcement of a potential merger with Schultze Special Purpose Acquisition Corp. (NASDAQ: SAMA) to form Clever Leaves Holdings, which is scheduled to close in the fourth quarter of 2020.
Clever Leaves' Portugal operation encompasses roughly 110,000 square feet of greenhouse facilities.
The company said that its cultivation and post-harvest facilities in Portugal are constructed in accordance with internationally acknowledged quality standards and production systems.
Due to the current health crisis, the license is deemed provisional until Portugal's regulatory body conducts a physical inspection.
Currently, Clever Leaves is the ninth fully licensed medical cannabis producer in the European country.
Kyle Detwiler, the company's CEO, said licensing of Portugal operation is an "important milestone," which complements their "substantial operation" in Colombia.
Cleaver Leaves South American operations center around the production of cannabis extracts, Detwiler said.
"Our team is comprised of industry experts with backgrounds in the agricultural and pharmaceutical industries," said President of Clever Leaves, Andrés Fajardo.
He pointed out that obtaining the permit is a "testament to their expertise" to meet Portugal's strict regulatory standards.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.
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