Clever Leaves could become the first medical cannabis company with its main operations in Colombia to list on the NASDAQ stock market.
The company announced that it entered into a nonbinding letter of intent (LOI) to combine its business with Schultze Special Purpose Acquisition Corp, or SAMA.
Once the deal closes, Clever Leaves’ shareholders would own “a majority of the equity in the combined public company which will be listed on NASDAQ,” according to the announcement.
“SAMA’s cash balances, currently in excess of $130 million, would be used primarily to fund the combined company’s near-term operating expenses, capital expenditures, working capital, and potential M&A opportunities,” the press release says.
Clever Leaves currently has production assets in Colombia and Portugal.
It also has distribution assets in Germany.
In Colombia, Clever Leaves recently secured a supply agreement with Canopy Growth.
The company already exported CBD products from its Colombian facility to several countries, including the United Kingdom, Brazil, Poland and Australia, a spokesperson told Marijuana Business Daily.
The press release says Clever Leaves is “in the process of becoming one of the few cannabis companies in the world, and the only cannabis company in Latin America, to be granted a European Union Good Manufacturing Practice certification for extracts,” a key requirement to export extracts to European Union countries like Germany.
Clever Leaves employs about 500 people and has raised approximately $120 million of capital to date, the press release notes.
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Originally posted on via Cannabis Industry News
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