TORONTO, June 11, 2019 (GLOBE NEWSWIRE) -- Blueberries Medical Corp. (CSE: BBM) (OTCQB: BBRRF) (FRA: 1OA) ("Blueberries"), a leading Latin American licensed producer of medicinal cannabis and cannabis-derived products and SLANG Worldwide Inc. (CSE: SLNG), (Frankfurt: 84S), (“SLANG”) a leading global cannabis consumer packaged goods (“CPG”) company with a robust portfolio of renowned brands are pleased to announce that the companies have entered into a memorandum of understanding (“MOU”) dated June 10, 2019 to develop a strategic partnership (“Strategic Partnership”) through which Blueberries may license SLANG’s extensive portfolio of renowned cannabis brands and leverage SLANG’s industry leading know-how and intellectual property to process and formulate cannabis products in Colombia and Argentina. The MOU was negotiated at arm's length.
Blueberries and SLANG will also collaborate on the commercialization of products into other Latin American countries as regulatory framework is implemented. Latin America is among the world's fastest-growing cannabis markets with expected cannabis spending of $12-billion (U.S.) by 2028 (Prohibition Partners) and an estimated 68 million potential medical cannabis patients currently (Quintiles IMS).
“SLANG is a global leader in the cannabis-based consumer packaged goods industry, with an extensive portfolio of brands, including some of the best-selling cannabis products in the world. Offering these high quality and internationally recognized brands will assist Blueberries in leveraging early-mover advantage and capturing market share in the vast Latin American market,” stated Patricio Stocker, Chief Executive Officer of Blueberries. “SLANG’s industry leading experience, depth of expertise and expansive network will create additional value for Blueberries as we continue to offer high quality proprietary products to consumers across diverse markets in Latin America and globally, and position Blueberries as a leader in this new market segment as it continues to evolve.”
The strategic partnership will include:
The exclusive license to Blueberries of select SLANG propriety standard operating procedures (“SOPs”) pertaining to medical cannabis and cannabis-derived products in Colombia and Argentina
An exclusive right of first refusal to sell and distribute select SLANG products in Colombia and Argentina
Collaboration on new and existing products
On-site consulting services to facilitate the integration of the SOPs at Blueberries' manufacturing facilities
“SLANG is continuing to seek opportunities to increase its global distribution footprint for our industry leading portfolio of CPG brands. This partnership represents the jumpstart of our expansion in the rapidly growing Latin American market,” said Peter Miller, CEO of SLANG. “Blueberries’ unique industry expertise and CPG experience makes them the ideal partner for SLANG as we begin to extend our products beyond North America.”
SLANG is a leading global cannabis consumer packaged goods company with a robust portfolio of renowned brands distributed across 2,600 stores in 11 states in the US. SLANG is focused on acquiring and developing market-proven regional brands as well as creating new brands to meet the needs of cannabis consumers worldwide. SLANG is listed on the Canadian Securities Exchange under the ticker symbol SLNG and on the Frankfurt Stock Exchange under the trading symbol 84S. For more information, please visit www.slangww.com.
About Blueberries Medical Corp.
Blueberries is a Latin American licensed producer of naturally grown premium quality cannabis with its primary operations ideally located in the Bogotá Savannah of central Colombia and operations currently being established in Argentina. The Company is 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 in Colombia. 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.
Additional information about the Company is available at www.blueberriesmed.com. For more information, please contact:
Camilo Villalba, Chief Operating Officer
Jessika Angarita, Pacta Relations
Tel: +1 (305) 877 4710
Cautionary Note Regarding Forward-Looking Information
This news release contains "forward-looking information" and "forward-looking statements" (collectively, "forward looking statements") within the meaning of the applicable Canadian securities legislation. All statements, other than statements historical fact, are forward-looking statements and are based on expectations, estimates and projections as at the date of this news release. Any statement that involves discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as “expects”, or “does not expect”, “is expected”, “anticipates” or “does not anticipate”, “plans”, “budget”, “scheduled”, “forecasts”, “estimates”, “believes” or “intends” or variations of such words and phrases or stating that certain actions, events or results “may” or “could”, “would”, “might” or “will” be taken to occur or be achieved) are not statements of historical fact and may be forward-looking statements. In this news release, forward looking statements relate, among other things, to: the entering into of the Definitive Agreements on the terms set out herein or at all, internal expectations regarding the ability of the Company to successfully utilize SLANG's industry know-how and intellectual property, the ability to attract and retain new customers, and future expansion plans including development of the cultivation, production, industrialization and marketing of cannabis and cannabis-derived products.
These forward-looking statements are based on reasonable assumptions and estimates of management of the Company at the time such statements were made. Actual future results may differ materially as forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to materially differ from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors, among other things, include: fluctuations in general macroeconomic conditions; fluctuations in securities markets; expectations regarding the size of the Colombian and international medical cannabis market and changing consumer habits; the ability of the Company to successfully achieve its business objectives; plans for expansion; political and social uncertainties; inability to obtain adequate insurance to cover risks and hazards; and the presence of laws and regulations that may impose restrictions on cultivation, production, distribution and sale of cannabis and cannabis related products in Colombia, Argentina and elsewhere; and employee relations. Although the forward-looking statements contained in this news release are based upon what management of the Company believes, or believed at the time, to be reasonable assumptions, the Company cannot assure shareholders that actual results will be consistent with such forward-looking statements, as there may be other factors that cause results not to be as anticipated, estimated or intended. Readers should not place undue reliance on the forward-looking statements and information contained in this news release. The Company assumes no obligation to update the forward-looking statements of beliefs, opinions, projections, or other factors, should they change, except as required by law.
Additional information regarding the Company, and other risks and uncertainties relating to the Company's business are contained under the heading "Risk Factors" in the Company's Listing Statement dated January 31, 2019 filed on its issuer profile on SEDAR at www.sedar.com.
No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.