Clever Leaves Holdings Inc. CLVR CLVRW has closed the sale of the assets, including lab and processing equipment, previously used in its EU-GMP certified cannabis processing facility in Setúbal, Portugal, as controlled by its wholly owned subsidiary, Clever Leaves Portugal Unipessoal, Lda. The assets were sold to Terra Verde, Lda., an affiliate of Curaleaf Holdings, Inc. CURA CURLF, for gross proceeds of approximately €2.5 million ($2.7 million). Proceeds from the sale are expected to improve Clever Leaves’ cash position. Clever Leaves plans to use the proceeds for working capital and general corporate purposes.
The processing facility previously leased by the company, which houses the lab and processing equipment, includes 900 sq. meters of EU-GMP-certified factory space and 750 sq. meters of warehousing space. Under the terms of the asset purchase agreement, Terra Verde, Lda. has agreed to purchase the facility leasehold improvements; all installed equipment needed for drying, trimming, curing, and packaging; and the facility’s current quality system procedures.
“Closing the sale of our Portuguese processing assets represents an important next step in the wind-down of our Portuguese operations, while consolidating our cultivation and manufacturing processes in our EU-GMP certified facilities in Colombia,” stated Andres Fajardo, CEO of Clever Leaves. “We are proud to have sold these assets to Curaleaf, one of the most prominent global cannabis companies, as it is a testament to the standards at which we operate and do business. We would like to thank the Curaleaf team for their partnership in this sale process, and we will work towards completing the sale of our remaining Portuguese agricultural asset, which we expect to sell by the end of this calendar year.
Photo: Benzinga edit with photos by jarmoluk and lindsayfox on Pixabay
Related News
Partnership Will Supply Medical Cannabis Extracts To Czech Republic & Switzerland
Clever Leaves Teams Up With SOMAÍ Pharma., Completes First CBD Extract Shipments To Portugal
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
The Benzinga Cannabis Capital Conference is coming to Florida
The Benzinga Cannabis Capital Conference is returning to Florida, in a new venue in Hollywood, on April 16 and 17, 2024. The two-day event at The Diplomat Beach Resort will be a chance for entrepreneurs, both large and small, to network, learn and grow. Renowned for its trendsetting abilities and influence on the future of cannabis, mark your calendars – this conference is the go-to event of the year for the cannabis world.
Get your tickets now on bzcannabis.com – Prices will increase very soon!