Blueberries Medical's wholly owned subsidiary Blueberries SAS will supply formulated cannabis oil to Futura Farms, a licensed distributor serving the Peruvian market.
This is the Company's first agreement in Peru and the next step in Blueberries’ international growth strategy under way. As part of this strategy, the Company has initiated distribution of its medical and wellness products to Colombia, USA and now Peru.
With a population of 33 million, and the fifth largest economy in Latin America, Peru’s medical cannabis market is estimated to be worth US$99 million (Prohibition Partners). With a regulatory environment similar to Colombia, Peru is an early mover in Latin America, and has established a legal framework for producing, importing, and selling cannabis products for medical use. Consequently, the Peruvian market is advancing rapidly and has the potential to register diverse cannabis-based products.
“As we undertake our global strategy, it is essential for us to partner with companies such as Futura Farms that not only have the expertise in their local markets, but also have an authentic appreciation for the patients’ needs and a constant commitment to scientific developments. We have great expectations about this initiative,” said Jose Forero, Blueberries President of Latin American Operations. “Peru is one of the top medical cannabis markets in the Latin America and Futura Farms is one of very few companies with a cannabis importation license in that country, making this agreement of outstanding strategic value to Blueberries’ international expansion.”
The agreement consists of initially supplying 200 kg of bulk, premium, formulated cannabis oil to be delivered to Peru in 2021, to be marketed to the licensed pharmaceutical establishments that have fulfilled their Good Storage Practices requirements issued by Peru's General Directorate of Medicines, Supplies and Drugs.
“Blueberries is an outstanding ally that will allow us to bring certified high-quality products to our market. I have personally seen the passion they put into their cultivation, extraction, and production processes, which will easily translate into successful cannabis-based treatments. We feel confident that this strategic partnership will help propel the medicinal cannabis industry in Peru," said Jose Escalante, Chief Executive Officer of Futura Farms. “Our vision is to democratize the use of medical cannabis and we are thrilled to have found a company like Blueberries, whose values resonate with our own.”