MedReleaf Acquires MED Colombia

Published: July 24, 2018

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 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, CEO 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 cannabis and its derivatives. MedReleaf has a team operating in Colombia since 2017 and this acquisition accelerates the Company’s plans to establish a licensed cultivation and extraction facility.