Clever Leaves Holdings Inc. (NASDAQ:CLVR) has inked a four-year take or pay supply agreement with an Australian medicinal cannabis company, Australian Natural Therapeutics Group.
Under the agreement, Clever Leaves will supply CBD isolate and GMP certified THC crude oil from its operation in Colombia and THC dried flower from its GACP- certified operation in Portugal. In addition, ANTG has committed to purchasing a minimum of $7.8M worth of product, with the next shipment planned for March 2022.
This marks the largest supply agreement Clever Leaves has signed with an Australian cannabis company, assisting the company’s growth as an emerging global leader in medical cannabis supply.
ANTG will utilize Clever Leaves’ products to produce locally manufactured prescription medications certified to global standards, including the Australian Good Manufacturing Practice (AU-GMP) and Good Agricultural and Collection Practices (GACP).
“Australia is a rapidly expanding market, and increasing product shipments to the country allows Clever Leaves to accelerate market growth further,” Andrés Fajardo, president and incoming CEO of Clever Leaves stated. “ANTG’s research focus, pharmaceutical certifications and distribution capabilities are aligned with our mission to produce high-quality cannabinoid-based medicinal treatments that can meet patient needs.”
Matthew Cantelo, CEO of ANTG, commented “Great patient outcomes based on our central principles of quality and purity are at the heart of everything we do. We look forward to adding Clever Leaves’ high-quality APIs to our expanding range of premium products ensuring continuing supply and a greater choice of high-quality affordable medicines for all our patients in Australia.”
