Clever Leaves Jumps Into Mexico’s CBD Market

CANNANNEW REPORT

Clever Leaves Holdings Inc. (NASDAQ: CLVR) said it has entered into an active pharmaceutical ingredient supply agreement with CBD Life Holding SAPI de CV, an emerging leader in the Mexican cannabis industry which offers a line of CBD Wellness and consumer products and medical cannabis products which are under development. The partnership is Clever Leaves’ first commercial agreement in the Mexican market, and it comes shortly after regulations were fully approved in the country, providing a strategic growth opportunity in one of the world’s largest pharmaceutical markets. Clever Leaves also said recently that it is set to join the Russell Microcap Index, effective at market open on June 28, 2021, upon the conclusion of the Russell indexes annual reconstitution. According to a recent report from Prohibition Partners for Latin America and the Caribbean (2020), the medical cannabis market in Mexico could be worth $60 million by 2024. So, it isn’t a huge market by comparison to the U.S. or Canada but still holds many opportunities. “As a multinational cannabis operator with substantial operations in Latin America, it has always been one of our top goals to identify leaders in the region and build long-lasting commercial relationships,” said Kyle Detwiler, CEO of Clever Leaves. “CBD Life’s brand positioning and local exposure are attractive, but it’s their commitment to high-quality, pharmaceutical-grade medical cannabis products that makes this an ideal partnership.” Under the agreement, Clever Leaves said it will act as the API supplier for the development and manufacture of CBD Life’s medical cannabis products. Beginning with CBD isolate, Clever Leaves aims to be the ongoing supplier of the required APIs for CBD Life’s product manufacturing purposes. CBD Life has significant distribution in Mexico, with its products available at more than 18,000 points of sale. The company has established itself as an early-mover when…

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