Blueberries Medical Corporation, a Latin American focused licensed producer of medicinal cannabis and cannabis-derived products, is pleased to announce that it has commenced the Phase 1 planning process with Argentinian state owned cannabis company Cannabis Avatara, S.E. in connection with the cooperation agreement entered into under the scope of the “Provincial Program of Promotion of the Cultivation and Production of Cannabis with Scientific, Medicinal and Therapeutic Purposes of the Province of Jujuy in Argentina” through its agreement with BBV Labs Inc. as recently announced by the Company.
The first phase of the Joint Venture project will be a Pilot Cultivation Program (the “Pilot Project”) and consists of the preparation and cultivation of cannabis on a 107,000 square foot (1 hectare) area on public lands provided by Cannava with the goal of producing 4 million grams (4,000 kg) of dry cannabis flower and approximately 400,000 milliliters (400 liters) of cannabis oil. The Pilot Project will also evaluate and characterize cannabis seeds and strains that are ideal for the climate conditions of Jujuy, and document the proposed operating procedures, technical processes, strains and products that the Joint Venture is seeking to produce. The Company is in the process of preparing the proposed Pilot Project plan for Cannava’s approval and processing of the applications for the permits as required, with the goal of completing the Pilot Program by May 2020, with an estimated capital requirement of $750k to $1M.
“We are very excited to have formally commenced Phase 1 of this project with our Joint Venture partners as we begin the planning for the development of a world class cultivation, extraction, formulation and manufacturing facility in Jujuy, Argentina,” stated Camilo Villalba, Chief Operating Officer of the Company.