Blueberries Medical Corp. (OTC: BBRRF) (CSE: BBM) (the “Company” or “Blueberries“) a leading Colombia-based licensed producer of medicinal cannabis and cannabis-derived products, announces today that it has entered into a letter of intent (the “Agreement”) for a joint venture (the “Joint Venture”) with India Colorada S.A.S., (“India Colorada”), one of the leading Colombian artisanal brewers and producer of the oldest craft beer in Colombia, Cerveza Colón, to research, develop and commercialize non-alcoholic cannabis-based beverages.
“As consumer preferences continue to evolve away from smoked flower and towards healthier and more convenient products, we plan to be on the leading edge of innovating and commercializing these new product segments,” stated Camilo Villalba, Chief Operating Officer of the Company. “We believe that our first mover advantage, combined expertise, and dedication to the highest standards of product quality, will position Blueberries as a leader in this rapidly emerging market.”
The Joint Venture is expected to undertake the research, development and commercialization of non-alcoholic cannabis-based beverages with the goal of being first to market in Latin America. Pursuant to the Joint Venture, both companies will apply their respective expertise toward the research and development of beverages containing tetrahydrocannabinol (THC), the psychoactive chemical compound in cannabis, as well as cannabidiol (CBD), the non-psychoactive compound. The Joint Venture is expected to commercialize newly developed cannabis-based beverages through India Colorada’s established and growing distribution channels in addition to Blueberries’ distribution channels. The Joint Venture will make decisions regarding commercialization of the products in different countries where permitted by regulation on an individual market basis. Pursuant to the terms of the Agreement, the parties intend to complete the development of new products and commercialization plan over the following 12 months. India Colorada is arms’-length to the Company.
About India Colorada S.A.S.
India Colorada is the owner of Cerveza Colón, the oldest craft beer brand in Colombia, and has an aggressive growth plan over the next 10 years which includes the renewal of the Cerveza Colón image, and the formulation of additional new recipes. For more information, please visit www.indiacolorada.com.
About Blueberries Medical Corp.
Blueberries is a Colombia-based licensed producer of naturally grown premium quality cannabis with its primary operations ideally located in the Bogotá Savannah of central Colombia. Led by a specialized team with proprietary expertise in agriculture, genetics, extraction, medicine, pharmacology and marketing, Blueberries is fully licensed for the cultivation, production, domestic distribution, and international export of CBD and THC-based medical cannabis. Blueberries’ combination of leading scientific expertise, agricultural advantages and distribution arrangements has positioned the Company to become a leading international supplier of naturally grown, processed, and standardized medicinal-grade cannabis oil extracts and related products.