Clever Leaves Completes First Closing and Raises $14 Million in Series E Financing
Proceeds Will Support Commercialization and Expansion of Cannabis Operations in Europe and Latin America
NEW YORK, April 14, 2020 (GLOBE NEWSWIRE) — Clever Leaves International Inc. (“Clever Leaves” or the “Company”), a leading multi-national operator (MNO) and licensed producer of pharmaceutical-grade medical cannabis and hemp extracts, today announced the first closing of its Series E financing at US$14 million, bringing the Company’s total funding to over US$120 million. Cowen served as exclusive placement agent for the financing and a majority of the Series E capital was invested by leading institutional investors with a demonstrated track record in the sector.
“Receiving such strong support from prominent institutional investors in the first closing of our Series E round further validates the Clever Leaves strategy,” said Kyle Detwiler, CEO of Clever Leaves.
This financing demonstrates Clever Leaves’ ability to withstand the market headwinds in these extremely challenging times and will help us achieve our ultimate goal of transforming the cannabis supply chain on an international scale.
Kyle Detwiler, CEO of Clever Leaves
The capital we’ve raised will also enable us to continue commercializing product from our world-class cultivation and extraction operations in Colombia as well as to complete our licensing process in Portugal.
Clever Leaves anticipates raising additional capital in the coming months and expects to primarily use the proceeds to support its commercialization efforts, further develop existing brands, and expand its operations in Portugal. The funds may additionally support the expansion of the Company’s recently launched direct-to-business sales platform, Clever Leaves 360, which offers pharmaceutical-grade cannabis extracts and finished products fit for a broad range of industries. Proceeds from the financing may also be used to further enhance the Company’s operations in Colombia and to continue building out its distribution channels in Germany and throughout Europe.
About Clever Leaves
Clever Leaves is a multi-national cannabis company with a mission to operate in compliance with federal and state laws and with an emphasis on ecologically sustainable, large-scale cultivation and processing as the cornerstones of its global cannabis business. Clever Leaves is a leading vertically integrated producer of medical cannabis and hemp extracts and is currently cultivating over 1.8 million square feet of greenhouses under Good Agricultural and Collection Practices (GACP) in Colombia. Clever Leaves’ Colombian operation obtained its Good Manufacturing Practices (GMP) certification from INVIMA, Colombia’s food and drug regulatory agency, after inspection of its top-of-the-line extraction facility and is being evaluated for certification under European Good Manufacturing Practices (EU GMP). Clever Leaves’ first extraction facility is currently capable of extracting 2,400 kilograms of dried flower per month, with expansion underway to increase expected extraction capacity to 9,000 kilograms of dried flower per month by mid-2020. In November 2019, Clever Leaves received authorization from INFARMED I.P., the Portuguese regulatory authority, to start cultivation operations in Portugal. Based on the pre-license received in Portugal, Clever Leaves Portugal is currently cultivating its first medicinal cannabis crop on its 90-hectare farm. Clever Leaves is one of the world’s largest hemp and medical cannabis producers, with a global footprint encompassing brands, extraction facilities, cultivation operations and other investments across Canada, Colombia, Germany, Portugal, and the United States.