Latin American cannabis company Blueberries Medical Corp. (CSE: BBM) (OTC: BBRRF) announced a non-brokered private placement consisting of the sale of 96,064,935 common shares for C$0.011 per share for gross proceeds of approximately C$1.05 million (or approximately $740,000).
The company claimed that the money would be used to finance and expand their operations as well for general corporate, working capital and other purposes. This offering should close by or around March 25, 2019.
Earnings Slip
In November of last year, Blueberries’ third-quarter earnings showed that its revenue had dropped to C$60,000 as opposed to the C$83,000. Blueberries’ net loss decreased from C$323,000 to C$175,000.
It was stated that the company would continue to use its financial resources until it generates significant cash flow from its assets.
Around 39% was generated by CDD/THC-derived derivatives during that quarter. 61% came from extraction services. The other services generated negligible revenue.
According to financial statements of the company, CDD/THC derivatives were sold primarily to Argentina in the third-quarter 2024. This revenue stream had been generated in previous periods by customers who placed larger orders.
Latin American markets
Blueberries is a Latin American licensed producer of premium quality cannabis derivatives with its primary operations in the Bogotá Savannah of central Colombia. Blueberries has a full license for cultivation, production and domestic distribution of CBD- and THCbased medical cannabis.
In its filing, the company stated that Colombia’s regulatory environment is changing more slowly than anticipated.
First commercial shipment of CBD-balanced formulations to Brazilian market was made in first quarter, 2024. The company is sourcing its products direct from Colombia.
It also announced that the company has been granted regulatory approval for THC to be exported into Argentina. The company said that this clearance would allow it to export high-THC and value-added resins for pharmaceutical and therapy applications.
Australia
Blueberries S.A.S. (a subsidiary wholly-owned by Blueberries Medical Corp.) received regulatory approval in October 2024 to resume THC operations for export to Australia. According to the company, this approval allows it to sell high-THC products that are refined into pure high-THC active pharmaceutical ingredients (API) for pharmaceutical and compounding purposes.
Blueberries continues to work hard in order to increase its global presence and strengthen its position within pharmaceuticals.