Beleave Expands its Global Footprint into Colombia

Published: June 21, 2018

Beleave Expands its Global Footprint into Colombia

Beleave Inc. has acquired 51% of Procannmed S.A.S., a privately held company that is fully licensed for the cultivation, production, extraction and distribution of both tetrahydrocannabinol (THC) and cannabidiol (CBD) medical cannabis in Colombia. The other 49% ownership was retained by the Colombian based operator ITRUST HOLDINGS S.A.S. These licenses enable the propagation of the full range of cannabis varieties and further enable Procannmed to develop a complete offering of standardized, medicinal-grade formulations.

Beleave acquired 51% of Procannmed for a combination of cash ($900,000) and Beleave common shares ($1,500,000 value) for a total purchase price of $2,400,000. The transaction stemmed from a lengthy due diligence process in which members of the Beleave team visited Colombia to speak with Procannmed representatives and various government and industry-related parties.

“We have been conducting extensive market research in various parts of the world and see Colombia as a tremendous growth opportunity,” commented Beleave CEO, Andrew Wnek. “Global cannabis prohibition is coming to an end and we plan to capitalize on this in multiple jurisdictions of interest. Colombia in particular provides regulatory support and an outstanding, competitive cost structure making it an attractive destination for foreign investment.”

Procannmed is well-positioned to capitalize on the expanding medical needs of over 620 million people in Latin America, with 68 million potential patients identified by other companies in the region. It currently has the ability to grow biomass and extract from their 965,000 sq ft grow space at its property located in the municipality of Argelia in the region of Antioquia.

Further, the companies have together identified other large-scale production properties and have laid out an aggressive plan to have the largest production facility in Colombia. Procannmed has registered 23 high-potency THC strains and one 19.6% CBD/0.03% THC strain with Instituto Colombiano Agropecuario (ICA).

“We are delighted to have reached an agreement with Beleave,” said Alberto Jose Esmeral Ramirez, President of ITRUST. “This is an exciting time in the cannabis industry, and Colombia offers a special opportunity thanks in part to unprecedented government support as the country aims to become one of the largest global exporters.”

Both Beleave and ITRUST plan on renaming Procannmed with an overhaul of the branding initiative to be established by both companies in tandem.

Recent News

View All News Items

Latest Article

How Database Integrations Can Improve Every Step in Your Cannabis Supply Chain Labeling

How Database Integrations Can Improve Every Step in Your Cannabis Supply Chain Labeling

At any step in the cannabis supply chain, your labeling system should allow for full control and traceability, from seed to sale. Implementing lean principles and labeling best practices across the cannabis supply chain can help you streamline your seed-to-sale labeling process and help you gain control.

Click below to read the full blog and learn how to reduce waste, cut costs, and gain efficiency with cannabis labeling: https://bit.ly/2KwZ5IQ

Read Article