MEDRELEAF ACQUIRES MED COLOMBIA
Medreleaf Corp. has acquired MED Colombia SAS, a company with licences in Colombia to cultivate cannabis and produce cannabis oil extracts (along with a library of cannabis genetics), for a total consideration of 2.75 million euros in cash. This acquisition provides Medreleaf with the ability to produce low-cost, high-quality raw materials to serve its global supply chain, as well as the domestic Colombian medical cannabis market.
As the legalization of medical cannabis continues to expand, we must ensure that our ability to cultivate cost-effectively extends beyond Canada to supply our global operations
said Neil Closner, chief executive officer of Medreleaf.
Colombia has one of the best climates in the world for cannabis cultivation and excellent regulation to protect the rights of growers and operators. With the acquisition of MED Colombia, we continue to execute on our international strategy and will be well positioned to scale our global production as our business continues to grow
As one of the world's leading agricultural production regions, Colombia legalized medical cannabis in 2015 and is poised to become one of the largest exporters of medical cannabis in the world. MED Colombia received its government licence in 2017 for the cultivation of THC (tetrahydrocannabinol) cannabis and its derivatives. Medreleaf has had a team operating in Colombia since 2017. This acquisition accelerates the company's plans to establish a licensed cultivation and extraction facility.
About Medreleaf Corp.
Medreleaf, Canada's most awarded licensed producer, is a company driven by research and development dedicated to innovation, operational excellence and the production of industry-leading, top-quality cannabis. Sourced from around the world and carefully cultivated in one of two state-of-the-art ICH-GMP- and ISO 9001-certified facilities in Ontario, with a third facility currently in development, a full range of premium Medreleaf products is delivered to the global medical market. The company serves the therapeutic needs of patients seeking safe, consistent and effective medical cannabis and provides a compelling product offering for the adult-use recreational market.
