Key Highlights

  • Blueberries Medical Corp. (“Blueberries”, “company”) commenced its inaugural harvest at the Guatavita property and commissioned the first extraction line at its extraction and processing center in Tocancipa (“Tocancipa facility”).
  • Management expects dried cannabis flower yield per annum of 15,000 kg (our estimate: 9,000 kg) from the Guatavita property. For conservatism, we have decided to continue using our estimate.
  • Blueberries expects the processing capacity of its extraction line to be 70,000 kg (our estimate: 65,000 kg). We have decided to continue using our estimate.
  • The extraction line uses supercritical CO2 extraction and has the flexibility to add on ethanol extraction From our research, supercritical CO2 extraction has been cited as the most advanced and efficient extraction method for producing the highest quality cannabis extracts.
  • According to Blueberries, the newly installed extraction line is “the first equipment of its kind in Colombia, having stainless-steel compressor and extraction vessels, built to stringent EU-GMP standards”. We have directly contacted the supplier to confirm this statement, but they have not provided us with a response. We have also looked into the extraction capabilities of competitors, but details regarding their extraction lines were not provided to warrant a direct comparison.
  • We expect revenue generation starting Q2-2020 (previously Q1-2020). At the end of Q3-2019, the company reported a cash position of $4.45 million, working capital of $4.43 million, current ratio of 7.24x and nil debt.

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