Blueberries Medical Reports Q1 2022 Financial Results, Eyes On Argentina's New Medicinal Market

On Monday, Blueberries Medical Corp. BBM BBRRF (FRA:1OA), the Canadian parent of Blueberries S.A.S., a Latin American licensed producer of naturally grown premium quality cannabis operating from central Colombia, reported its financial results for the quarter ended on March 31, 2022.

“Blueberries Medical Corp’s short-term strategy will be to minimize fixed structure costs and expenses, reducing capital and operational expenditures while preserving working capital to optimize the resource and cost structure and focus 100% on revenue-generating activities,” Guillermo Rodriguez, CFO of the company stated in a press release. “The company has begun to expand its commercial revenues, adding more services. We have started to provide extraction services to other Cannabis companies in Colombia and [the rest of] Latin America.”

Blueberries’ Strategy

“Our three fundamental pillars, Operate with Excellence, Connect with Demand, and Differentiate, continue to be crucial in ensuring our long-term success. The company entered into a strategic plan to expand the capability of our facilities to ensure access to GACP CUMCS dry flower both for THC and CBD strains with a minimum CAPEX allocation,” said Jose Maria Forero, president of Latin America operations.

Forero explained BBM is able to offer THC dried flowers directly to potential markets such as Israel and Australia. In addition, the cannabis is working with a European company to produce dried cannabis flowers under EU-GMP.

“We are really thrilled with these new business opportunities,” said Facundo Garreton, CEO and chairman of Blueberries Medical Corp.

Business Highlights

Management considers the [recently created] Argentine medicinal cannabis market is demanding high-quality cannabis-derived ingredients.

Starting this quarter and based on the commercial agreement with an American supplier of cannabis raw materials with US GMP pharmaceutical and cosmetic grade for its commercialization in Colombia and Latin America, BBM has the possibility to offer CBD, CBG and CBN isolates for cosmetic and pharmaceutical use in the Argentinean market.

Blueberries informed that during the first quarter of 2022, extracted and remediated 200 kg (440 pounds) of dried CBD flowers, obtaining a broad spectrum derivate with a high content of minor cannabinoids that will be offered to the Latin American and Australian markets during Q2.

Image By Ilona Szentivanyi.