Blueberries is pleased to share its operating and financial results for
the three and nine months ended September 30, 2020, as filed on SEDAR:
Earlier this year, Blueberries implemented extensive cost saving measures of reducing administrative, capital, and operational expenditures and preserving working capital to optimize its cost structure and focus on revenue bringing activities.
Due to the ongoing impact of the coronavirus (“COVID-19”) pandemic, Blueberries is continuing its cost saving measures until significant revenues from sales commence.
On September 10, 2020 Camilo Villalba, Co-founder & Chief Executive Officer (“CEO”), presented live at VirtualInvestorConferences.com. During the live, interactive online event investors had the opportunity to ask questions to Mr. Villalba. Highlights of the Q&A session:
With prudent cash management, Blueberries achieved meaningful progress on product development (formulations based on Full Spectrum) and expansion of refining capacity.
The execution of the contract and associate grower model allowed Blueberries’ cultivation to expand by 130% to more than 322,000 sq. ft. (3 hectares) with additional potential expansion of the cultivated land to a total of 1 million sq. ft. (9.2 hectares), with the Cogua land being developed through an ultra-low cost outdoor cultivation model.
On October 15, 2020 Blueberries received approval from the Colombian Agricultural Institute (“ICA”) for the registration of its five psychoactive Tetrahydrocannabinol (“THC”) dominant strains with the national cultivar registry.
On October 23, 2020 upon Mr. Camilo Villalba’s resignation as the CEO of the Company, the board of directors appointed Mr. Christian Toro as the Interim CEO. Mr. Toro continues to act as the Chairman in addition to assuming the Interim CEO role. With the ongoing Covid-19 crisis, the board has decided it would be inappropriate to appoint a new CEO at present. Instead, the focus will be on reducing costs and preserving capital.
For its Argentina project, on November 23, 2020 Blueberries and BBV Labs entered into an amending agreement, whereby the definitive share purchase agreement has been changed with the following adjustments:
(i) Purchase Price shall be an amount equal to CAN$150,000.
(ii) Payment of the Purchase Price shall be satisfied by Blueberries issuing 3,000,000 common shares in the capital of the Blueberries on the closing date to the vendors, such common shares to be issued at a deemed price per common share equal to CAN$0.05.