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AR: Colombian company executes definitive agreement to acquire 3.2M sqft property in Argentina for cannabis operations

Further to its news releases dated March 26 and April 4, 2019, Blueberries Medical has entered into a definitive share purchase agreement to acquire cannabis cultivation, processing, manufacturing and other rights in Argentina from BBV Labs. Pursuant to a definitive joint venture agreement with the Argentinean state-owned company Cannabis Avatara, S.E., BBV Labs entered into a joint venture with Cannava to develop and cultivate cannabis on a 3.2 million square foot (74 acres or 30 hectares) prime agricultural property. According to the company, Cannava will contribute the land to the Joint Venture as well as all required permits and authorization necessary to import seeds, cultivate, grow and harvest cannabis, process cannabis and extract cannabis oil and other derivative products for scientific, medicinal and therapeutic purposes and to export cannabis and derivative products and import and export-related equipment and products.

“The signing of a definitive purchase agreement marks an important milestone in our entrance to the Argentinian market,” stated Camilo Villalba, Chief Operating Officer. “Being one of the first movers to have an arrangement like this in a country with a population of over 44 million people represents an extremely unique opportunity for Blueberries. We are working diligently to expedite build-out of our operations in Argentina, in addition to our continued commitment to our ideally located, low cost production operations in Colombia.”

“This agreement moves us another step closer to bringing this project to fruition, commercial cannabis production in Argentina,” stated Gaston Morales, the President of Cannava. “The Blueberries team have proven to be valuable partners, contributing leading operational expertise in cultivation, genetics, extraction and formulation. We look forward to continuing to work with them to move this exciting project forward.”

Highlights Include:

  • Blueberries gains rights to cannabis licenses in Argentina; amongst very few such agreements currently in place to supply cannabis products to the Argentinian population exceeding 44 million people. Also expands production footprint internationally and may provide additional export opportunities to other countries with evolving cannabis regulations.
  • Blueberries to build a large-scale modern cultivation facility and processing centre of excellence in Argentina.
  • Cannava will contribute all licenses/permits and authorization necessary to import seeds, cultivate, grow and harvest cannabis, process cannabis, extract cannabis oil and other derivative products, export cannabis and derivative products, and import/export equipment and products.
  • Cannava will grant access to utilize 3.2 million square feet (74 Acres or 30 hectares) of prime agricultural land for the cultivation and growth of cannabis in Jujuy Province, Argentina, ideally situated in an area with robust modern infrastructure including fresh water and modern power supply and a nearby airport, with additional land available for potential future expansion
  • Cannava will contribute all cooperation agreements with the National Institute of Agricultural Technology (INTA), Ministry of Security, Ministry of Public Health, National Council of Scientific and Technological Investigations (CONICET) and other regulatory and technological Argentinian authorities as required

Argentina’s relatively nascent cannabis industry began in 2017 with the legalization of cannabis for prescribed medical use. "To date Cannava is the only entity authorized to cultivate and produce cannabis and derivatives in Argentina and Blueberries is among the first and limited number of companies to have such an arrangement with Cannava," they say. 

The 3.2 million square foot site is located on agricultural property in the province of Jujuy. "The area is located in an ideal, temperate climate that permits year-round cultivation as well as a skilled and efficient agricultural labor force," the team with the company explains. "The area is an established agricultural site with an operating history of over 100 years. The property is fed by multiple rivers providing ample access to fresh water for irrigation. The power supply is modern and has capacity to scale as production capacity is increased. With an international airport only 8km away, it is also as an ideal hub for import and export. The recent authorization of the site as Argentina’s first, and potentially one of the world’s largest cannabis farm and is expected to pave the way for a new industry in Argentina."

The first phase of the Joint Venture will be a Pilot Cultivation Program consisting of the preparation and cultivation of cannabis on a 107,000 square foot (1 hectare) area on public lands provided by Cannava with the goal of potentially producing 4 million grams (4,000 kg) of dry cannabis flower. "The Pilot Project will also evaluate and characterize cannabis seeds and strains that are ideal for the climate conditions of Jujuy, and document the proposed operating procedures, technical processes, strains and products that the Joint Venture is seeking to produce," they further explain. "We have prepared a proposed Pilot Project plan for Cannava’s approval and processing of the applications for the permits as required, with the goal of completing the Pilot Program by May 2020."

For more information:
Blueberries Medical Crop.
Calle 93 # 15 - 51 Of. 406
Bogotá, Colombia
(57) 1 794-1798 
[email protected]    

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