Blueberries Medical Closes $1M Strategic Financing Led by a Leading Latin American Private Equity Group

Published: January 21, 2021

Blueberries Medical Closes $1M Strategic Financing Led by a Leading Latin American Private Equity Group

Blueberries Medical Corp., a Latin American licensed producer of medicinal cannabis and cannabis-derived products, is pleased to announce the completion of a non-brokered private placement for aggregate gross proceeds of C$1,000,000 (the “Offering”) from the sale of common shares at a price of C$0.065 per Common Share.

The Offering was led by FLA Ventures Ltd., a private equity fund based in Buenos Aires, Argentina, which focuses on investments in established and growth-oriented Latin American businesses across a range of sectors, seeking to create and add strategic value, driving their economic growth and enhancing their performances. Blueberries is pleased to welcome FLA Ventures as a new strategic partner.

FLA Ventures financial backers, directors and team members have a vast experience leading companies involved in the healthcare, media, and real estate industries internationally as well as extensive cannabis expertise and strategic investments in the cannabis sector globally. Amongst other strategic business involvements, shareholders of FLA Ventures own Grupo América, one of the largest media groups in Argentina, and have extensive additional strategic relationships through their direct involvement in the healthcare industry as owners of one of the largest networks of medical centers and other medical service businesses in Argentina and elsewhere in Latin America.

In connection with the completion of the Offering, Facundo Garretón has been named Chairman and Interim Chief Executive Officer of the Company, and Sebastian Hochbaum has been appointed to the board of directors of the Company (the “Board”).

“Blueberries has built an impressive company in Colombia and its sophisticated extraction capabilities will play an integral role within our global cannabis platform. I am confident that the involvement of FLA Ventures and its stakeholders will provide Blueberries with the opportunity to accelerate its growth and take advantage of the rapidly expanding cannabis markets in Latin America and around the world,” stated Sebastian Hochbaum.

“This strategic investment is a tremendous accomplishment for Blueberries and positions the company for commercial success. The FLA Ventures team is comprised of some of the most successful and highly respected entrepreneurs and investors in Latin America who also have extensive involvement and expertise in the cannabis industry,” stated Facundo Garretón, Chairman and Interim Chief Executive Officer. “I am also looking forward to leading Blueberries as we strive to execute on a domestic and international business plan.”

New Director and Officer Biographies

Facundo Garreton, Chairman and Interim-Chief Executive Officer

Mr. Garreton is a successful entrepreneur in the fields of innovation, technology and life sciences, and a former member of Congress in Argentina. His successful track record as an entrepreneur includes founding, one of Latin America’s largest online brokerage firms, as well as founding and serving as director of SociaLab and Sistema B, the most important platform for social entrepreneurs in Latin America. Mr. Garreton also has strategic involvement with other cannabis companies including YVY Life Sciences in Uruguay and Flow Kana in California. Mr. Garreton is a director of various successful companies such as: YVY Life Sciences,, VU Security,, Bulltick, GoodPeople, and others. Also, he is an investor in companies such as ClaraFoods, TheNotCompany, Blue Planet Ecosystems, Memphis Meat, Cambridge Crops, Electro-Active Technologies (EAT), Unbox Robotics, and MycoWorks.

Sebastian Hochbaum, Director

Mr. Hochaum is currently director of Control Media S.A., a holding company, with investments in real estate, media, technology and food business. Mr. Hochbaum is a trained attorney, graduating with honors from Torcuato Di Tella University in Buenos Aires, Argentina. Following his graduation from law school, he served for two years with the federal criminal justice division in Argentina, until joining Pampa Energía, one of the largest oil and gas companies in Argentina where he focused on capital markets and M&A initiatives for one year. Following his departure from Pampa Energía, Mr. Hochbaum joined Salaverri, Burgio & Wetzler Malbrán, a legal firm based in Buenos Aires, specializing in M&A and debt and equity financing deals.

The Company intends to use the proceeds from the Offering for inventory production, product commercialization, continued advancement of its extraction and processing facility and general working capital purposes.

In connection with the strategic financing, Christian Toro has resigned as Chairman and Chief Executive Officer of the Company and has been replaced by Facundo Garretón who has been appointed as Chairman and Interim Chief Executive Officer.

Previous directors Christian Toro, Fabio Valencia Cossio, Dr. Andres Vidal, Francisco Sole, Matthew Bajurny and Paola Castañeda have all stepped down from the Board. The Board is now comprised of the following four directors: Facundo Garretón (Chairman and Interim CEO), Patricio Villalba, Catherine Lathwell and Sebastian Hochbaum. A fifth director, to be nominated by FLA Ventures, will be appointed to the Board in due course. The Audit Committee of the Board has also been reconstituted to include Catherine Lathwell, Patricio Villalba and Facundo Garreton.

The Company would like to thank these individuals for their contributions to Blueberries, leading the Company through its early growth phases to commercialization.

The Company has granted 250,000 compensation shares as well as 1,750,000 options (the “Options”) to Mr. Garreton and 500,000 Options to Mr. Hochbaum to purchase common shares in the capital of the Company, pursuant to the Company’s stock option plan. The Options are exercisable at a price of $0.13 per share for a period of five years, subject to vesting.

Blueberries is a Latin American licensed producer of naturally grown premium quality cannabis with its primary operations ideally located in the Bogotá Savannah of central Colombia and operations currently being established in Argentina. The Company is led by a specialized team with proprietary expertise in agriculture, genetics, extraction, medicine, pharmacology and marketing, Blueberries is fully licensed for the cultivation, production, domestic distribution, and international export of CBD and THC-based medical cannabis in Colombia. Blueberries’ combination of leading scientific expertise, agricultural advantages and distribution arrangements has positioned the Company to become a leading international supplier of naturally grown, processed, and standardized medicinal-grade cannabis oil extracts and related products.