Clever Leaves expands partnership with Cansativa as Compass Pathways reports Q4 earnings
In this week’s “Rising High,” The Fly’s recurring series focused on cannabis and psychedelic stock news, The Fly looks back on a partnership expansion, earnings and study results.
CLEVER LEAVES EXPANDS CANSATIVA PARTNERSHIP: Clever Leaves Holdings (CLVR) announced Tuesday the expansion of its partnership with German cannabis distributor and wholesaler Cansativa. At the same time, Cansativa announced a Series B fundraise. Casa Verde Capital has agreed to lead an investment round into Cansativa of up to $15M. followed by other additional investors. This financing round will assist Cansativa in capitalizing on its strong position in the German cannabis market, as well as preparing for the potential German recreational market. In connection with Cansativa’s Series B capital raise,
Clever Leaves’ indirect, wholly owned subsidiary, Clever Leaves Portugal and Cansativa entered a three-year commercial supply agreement. The supply agreement provides that Cansativa will purchase a minimum of EUR 2M of high-THC cannabis flower from Clever Leaves’ Portuguese facilities. Throughout 2022, Clever Leaves will continue to develop its relationship with Cansativa and the German cannabis market by providing products through Cansativa’s distribution network, which includes thousands of authorized German pharmacies. The supply agreement is expected to be initiated around the end of 2022, contingent upon Clever Leaves Portugal receiving EU GMP certification as well as the closing of Cansativa’s fundraise and other conditions. In connection with Cansativa’s Series B capital raise, Clever Leaves’ indirect, wholly owned subsidiary will sell a portion of its Cansativa holdings, which is expected to generate approximately EUR 2.3M of pre-tax proceeds and reduce Clever Leaves’ expected ownership to approximately 9%.
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