Clever Leaves Sells Cannabis Processing Facility In Portugal To Curaleaf's Subsidiary

Clever Leaves Holdings Inc. CLVR CLVRW has closed the sale of the assets, including lab and processing equipment, previously used in its EU-GMP certified cannabis processing facility in Setúbal, Portugal, as controlled by its wholly owned subsidiary, Clever Leaves Portugal Unipessoal, Lda. The assets were sold to Terra Verde, Lda., an affiliate of Curaleaf Holdings, Inc. CURA CURLF, for gross proceeds of approximately €2.5 million ($2.7 million). Proceeds from the sale are expected to improve Clever Leaves’ cash position. Clever Leaves plans to use the proceeds for working capital and general corporate purposes.

The processing facility previously leased by the company, which houses the lab and processing equipment, includes 900 sq. meters of EU-GMP-certified factory space and 750 sq. meters of warehousing space. Under the terms of the asset purchase agreement, Terra Verde, Lda. has agreed to purchase the facility leasehold improvements; all installed equipment needed for drying, trimming, curing, and packaging; and the facility’s current quality system procedures.

“Closing the sale of our Portuguese processing assets represents an important next step in the wind-down of our Portuguese operations, while consolidating our cultivation and manufacturing processes in our EU-GMP certified facilities in Colombia,” stated Andres Fajardo, CEO of Clever Leaves. “We are proud to have sold these assets to Curaleaf, one of the most prominent global cannabis companies, as it is a testament to the standards at which we operate and do business. We would like to thank the Curaleaf team for their partnership in this sale process, and we will work towards completing the sale of our remaining Portuguese agricultural asset, which we expect to sell by the end of this calendar year.

Photo: Benzinga edit with photos by jarmoluk and lindsayfox on Pixabay

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