Clever Leaves Holdings Inc - CLVRW STOCK NEWS

Clever Leaves has formed a partnership with Praetorian Global to cultivate premium medical cannabis from its GACP and GMP-certified facility in Colombia. This agreement allows Clever Leaves to enhance its product portfolio through advanced technology and exclusive genetics, with products expected to launch in Q2 2024 for global distribution, including the EU, UK, and Australia. Praetorian brings a genetic library recognized for high yield and efficiency, projected to expand its market presence across four continents by the end of 2023. The collaboration also aims to improve R&D efforts, providing a more diverse range of cannabis solutions for medicinal purposes. The partnership underscores Clever Leaves' commitment to innovation in the cannabis industry.

Clever Leaves Holdings Inc. (NASDAQ: CLVR, CLVRW), a leading producer of pharmaceutical-grade cannabinoids, will present at the Sequire Cannabis & Psychedelics Conference on April 5, 2023, at 2:30 p.m. Eastern time. This virtual event will feature top speakers from the cannabis and psychedelic industries, which are projected to reach $72 billion annually by 2030. Interested parties can register for the event at this link. Clever Leaves aims to revolutionize cannabis production using sustainable methods and high-quality standards.

On March 30, 2023, Clever Leaves reported a significant revenue increase, with fourth-quarter cannabinoid revenue rising 71% to $1.9 million and full-year cannabinoid revenue up 90% to $6.1 million. Total revenue for 2022 reached $17.8 million, a 16% year-over-year growth. The company has implemented cost reductions, achieving a 30% decrease in G&A and a notable 82% reduction in capital expenditures. However, net loss expanded to $66.2 million, driven by restructuring expenses and impairment charges. Looking ahead, Clever Leaves projects 2023 revenue between $19 million and $22 million and aims for adjusted EBITDA losses between $(13.6) million and $(10.6) million.

On March 17, 2023, Clever Leaves Holdings Inc. (NASDAQ: CLVR, CLVRW) announced the rescheduling of its conference call initially set for March 23, 2023, to discuss its fourth quarter and full year 2022 financial results. The call will now take place on March 30, 2023, at 5:00 p.m. ET, allowing more time to finalize the audit of the company's 2022 financial statements. A press release with the financial results will precede the call. The conference call will be open for questions following management’s presentation, with details available for both live participation and replay.

Clever Leaves Holdings Inc. (NASDAQ: CLVR, CLVRW) has announced a conference call scheduled for March 23, 2023, at 5:00 p.m. Eastern time to discuss its Q4 and full-year results for 2022. The financial results will be released prior to the call. Interested parties can participate by dialing 1-855-238-2333 for toll-free access or 1-412-317-5222 for international calls, using Conference ID 10175028. A replay of the call will be available until March 30, 2023. Clever Leaves operates in Colombia, producing pharmaceutical-grade cannabinoids and aims to lead in sustainable cannabis production.

Clever Leaves has announced a strategic move to consolidate its cannabinoid operations exclusively in Colombia, ceasing all production in Portugal by Q1 2023. This decision is projected to yield approximately $7 million in cost savings by the end of 2023. The operational shift aims to leverage Colombia's cost efficiencies, with a cultivation capacity of over 1.8 million square feet and EU-GMP certifications. Despite incurring restructuring costs of $19 million to $21 million, the company expects this transition will enhance its competitiveness in the global medicinal cannabis market, while maintaining a focus on premium flower strains.

Clever Leaves Holdings (Nasdaq: CLVR, CLVRW) reports a 12% increase in cannabinoid revenue year-over-year for Q3 2022, reaching $1.0 million. Total revenue fell to $3.3 million from $4.0 million due to inventory reductions in the non-cannabinoid segment. Gross profit was $0.3 million, with a significant $19.0 million impairment charge resulting in a net loss of $20.2 million. Adjusted EBITDA improved to $(5.4) million. The company revised its full-year revenue outlook to between $17.0 million and $17.7 million, down from $20-$25 million.

Clever Leaves Holdings Inc. (NASDAQ: CLVR, CLVRW) has received EU-GMP certification from INFARMED, I.P. for its Portugal facility, allowing for the production of cannabis dried flower for pharmaceutical use. This certification is essential for marketing medicinal cannabis products in Europe and represents a significant expansion opportunity for Clever Leaves. The company aims to meet stringent pharmaceutical standards, achieving certification in under 10 months. This milestone positions Clever Leaves to enhance revenue streams and support regional cannabis companies.

Clever Leaves Holdings Inc. (NASDAQ: CLVR, CLVRW) announced that its partner, Anden Naturals, has received sanitary registration for its THC dominant product, Andenol 50, from the Peruvian Health Authority. This marks the first THC product approved for commercialization in Peru. Andenol 50, a 5% THC oral solution, will be manufactured and packed by Clever Leaves in Colombia. The product aims to serve up to 30,000 registered patients in Peru, showcasing Clever Leaves' commitment to high-quality medical cannabis production.