FinancialBuzz.com’s latest Buzz on the Street Show: Featuring Our Corporate News Recap on “Blueberries Medical to Collaborate with the International Research Center on Cannabis and Mental Health in New York for Product Formulation and the Development of Treatment-Focused Medical Education Programs.”
Blueberries Medical Corp. (CSE: BBM) (OTCQB: BBRRF) (FRA: 1OA) (the “Company” or “Blueberries“) a Latin American licenced producer of medicinal cannabis and cannabis-derived products, has signed a definitive joint venture agreement (the “Agreement”) with the International Research Center on Cannabis and Mental Health (“IRCCMH” or the “Center”) for the development of medical education programs for physicians and patients in Latin America and product formulation.
Blueberries Medical is seeking to become a large-scale producer of naturally grown premium-quality cannabis with its primary operations well situated in the Bogota savanna in central Colombia. Lead by a specialized team with proprietary expertise in agriculture, genetics, extraction, medicine, pharmacology, and marketing, Blueberries has received all licenses required for the cultivation, production, domestic distribution and international export of cannabidiol (CBD) and tetrahydrocannabinol-based (THC) medical cannabis.
The cannabis industry has recently been finding backers in major global investment banking firms such as Piper Jaffray, RBC Capital Markets, and Cowen. These firms have added credibility to the industry, specifically citing the beneficial uses of cannabis. Piper Jaffray analyst Michael Lavery noted that there are more than 25 countries that have legalized marijuana of some form. Moving forward, Lavery believes that legalization will continue to spread globally, especially within the U.S., even though most countries are adopting cannabis for medical applications, while only a handful are considering recreational use. Despite the limited amount of countries having legalized cannabis, the firms all see potential within the industry. According to data compiled by MarketsandMarkets, the global cannabis market is projected to grow from USD 10.3 Billion in 2018 to USD 39.4 Billion by 2023. Additionally, the market is expected to witness a CAGR of 30.7% during the forecast period.
Due to the high cost to grow cannabis along with restrictions, many cannabis-based businesses have begun to establish operations elsewhere. The Latin America region has become a popular location for businesses because of its cheap operational costs and fertile land and countries such as Colombia and Argentina have allowed cultivation of cannabis. Now, while countries like Brazil and Argentina are projected to dominate the LATAM region spending on legal cannabis, Colombia is among one of the most popular regions for production facilities. “Colombia’s rich with opportunity,” Eric Logan, Chief Executive Officer of LVE Trust, a leading CBD hemp commodities firm, told Forbes. “The climate to grow is 12 hours of sun, and 12 hours of darkness and grower labor is a mere $500 per month for full-time work,” he reasoned.
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