Clever Leaves Announces First Export to Israeli Partner InterCure

Rhea-AI Summary

Clever Leaves has successfully entered Israel's flower market by exporting its first commercial high-quality THC flower from its GACP-certified facility in Portugal. This milestone allows medical cannabis patients in Israel to access Clever Leaves' products through a partnership with InterCure. The initial shipment includes a high THC strain, with more genetics to follow as part of a long-term agreement. Clever Leaves aims to expand its footprint in the Israeli market and meet stringent regulatory standards, enhancing its global presence in the medical cannabis sector.

Positive

• First commercial export of high-quality THC flower to Israel.
• Partnership with InterCure strengthens market presence.
• Compliance with stringent regulatory standards ensures product credibility.
• Plans for long-term growth with additional genetics cultivation.

Negative

• None.

Clever Leaves has officially entered into Israel’s flower market with the first commercial high-quality THC flower export from its GACP certified cultivation facility in Portugal

BOCA RATON, Fla., July 18, 2022 (GLOBE NEWSWIRE) -- Clever Leaves Holdings Inc. (NASDAQ: CLVR, CLVRW) (“Clever Leaves” or the “Company”), a leading multinational operator and licensed producer of pharmaceutical-grade cannabinoids, announced today the first commercial export to Israel of high THC Flower for medical use from its facility in Portugal through its partnership with InterCure (Nasdaq: INCR, TSX: INCR.U, TASE: INCR). With this initial shipment, medical cannabis patients in Israel will now have access to Clever Leaves’ cannabis flower grown in its IMC-GAP equivalent cultivation facilities.

Clever Leaves will first supply InterCure with a high THC strain followed by several other genetics that will arrive, as part of the long-term partnership agreement between the companies previously announced.

“Our partnership with InterCure has been a long time in the making and we are thrilled to be working with one of the most prominent names in Israeli medical cannabis,” said Andrés Fajardo, CEO of the Company. “Israel has been a strategic market focus for Clever Leaves and InterCure’s position as a market leader further solidifies our plans for growth in the region. In addition to this being representative of our continued global expansion, it proves that our products can meet the most stringent regulatory standards in the world.”

Complementing the Company’s plans to continue distributing high-quality flower to medical patients, Clever Leaves will cultivate Canndoc’s proprietary genetics in its Colombia and Portugal facilities, meeting all regulatory and compliance standards, for distribution across Israel and other countries.

Alex Rabinovitch, CEO of InterCure, said: "We're delighted to see the first fruit of our successful partnership with Clever Leaves. This first importation is just the first step for our long-term partnership and an attestment to the abilities of our teams to meet the challenging strict regulatory requirements of the Israeli pharmaceutical grade medical cannabis market.”

About Clever Leaves Holdings Inc.
Clever Leaves is a leading multinational operator and licensed producer of pharmaceutical-grade cannabinoids. Its operations in Colombia and Portugal produce cannabinoid active pharmaceutical ingredients (API) and finished products ​in flower and extract form to a growing base of B2B customers around the globe. Clever Leaves aims to disrupt the traditional cannabis production industry by leveraging environmentally sustainable, ESG-friendly, industrial-scale and low-cost production methods, with the world’s most stringent pharmaceutical quality certifications. For more information, please visit https://cleverleaves.com/en/home/ and follow Clever Leaves on Twitter and LinkedIn.

About InterCure (dba Canndoc)

InterCure (dba Canndoc) (NASDAQ: INCR) (TSX: INCR.U) (TASE: INCR) is the leading, profitable, and fastest growing cannabis company outside of North America. Canndoc, a wholly owned subsidiary of InterCure, is Israel’s largest licensed cannabis producer and one of the first to offer Good Manufacturing Practices (GMP) certified and pharmaceutical-grade medical cannabis products. InterCure leverages its market leading distribution network, best in class international partnerships and a high-margin vertically integrated "seed-to-sale" model to lead the fastest growing cannabis global market outside of North America. For more information, visit: http://www.intercure.co.

Clever Leaves Press Contacts:

Rich DiGregorio
KCSA Strategic Communications
+1-856-889-7351
cleverleaves@kcsa.com

Diana Sigüenza
Strategic Communications Director
+57-310-236-8830
diana.siguenza@cleverleaves.com

Clever Leaves Commercial Inquiries:

Heli Dangur
Israel Commercial Manager
+972-544-937500

Andrew Miller
Vice President Sales - EMEA, North America, and Asia-Pacific
+1-416-817-1336
andrew.miller@cleverleaves.com

Clever Leaves Investor Inquiries:

Cody Slach and Jackie Keshner
Gateway Group, Inc.
+1-949-574-3860
CLVR@gatewayir.com 

FAQ

What is Clever Leaves' recent achievement in Israel's cannabis market?

Clever Leaves has successfully exported its first commercial high-quality THC flower to Israel.

Who is Clever Leaves partnering with for its cannabis distribution in Israel?

Clever Leaves is partnering with InterCure for cannabis distribution in Israel.

What are the expected benefits of Clever Leaves' export to Israel?

Patients in Israel will gain access to high-quality medical cannabis products from Clever Leaves.

What does the partnership between Clever Leaves and InterCure entail?

The partnership includes the supply of various THC strains and long-term growth plans in the Israeli market.

What does GACP certification mean for Clever Leaves products?

GACP certification signifies that Clever Leaves’ cannabis products meet high-quality and regulatory standards for medical use.