Blueberries raises C$1 million to expand operations

Latin American cannabis company Blueberries Medical Corp. (CSE: BBM) (OTC: BBRRF) announced a non-brokered private placement consisting of the sale of 96,064,935 common shares for C$0.011 per share for gross proceeds of approximately C$1.05 million (or approximately $740,000).

The company said it would use the money to fund and expand operations and for general corporate and working capital purposes. The offering is expected to close on or about March 25.

Earnings slip

Blueberries last reported earnings in November when its third-quarter results showed that revenue fell to C$60,000 versus the previous year’s C$83,000. Net loss was trimmed to C$175,000 from the previous year’s net loss of C$323,000.

The company said at the time it was reported as a going concern and that until its assets start generating significant cash flow, it will continue to exhaust its remaining financial resources to fund existing operations.

During that quarter, approximately 39% of the revenue was generated from CDD/THC derivatives sales, while 61% was derived from extraction services. Negligible sales came from other miscellaneous services.

According to the company’s financial statements, in the third quarter of 2024, the CDD/THC derivatives sales were generated primarily from a sale to Argentina, while in the comparative period, this revenue stream was generated from recurrent customers with higher purchase orders.

Latin American markets

Blueberries is a Latin American licensed producer of premium quality cannabis derivatives with its primary operations in the Bogotá Savannah of central Colombia.  Blueberries is fully licensed for the cultivation, production, domestic distribution and international export of CBD and THC-based medical cannabis in Colombia.

The company said in its filing that Colombia’s regulatory landscape is evolving more slowly than expected.

The company had its first commercial shipment to the Brazilian market in the first quarter of 2024, which included CBD-balanced formulations. Blueberries is now sourcing finished products directly from its facilities in Colombia.

The company also said that it has received regulatory clearance for THC export to the Argentinean market. “This clearance enables the company to supply high-THC resin and other value-added products for pharmaceutical and therapeutic applications, addressing the growing demand in the Argentinean market,” it said.

Australia

In October 2024, Blueberries S.A.S., a wholly owned subsidiary of Blueberries Medical Corp., received regulatory authorization to resume THC export operations to Australia. The company said this approval enables it to supply high-THC resin, which will be refined into purified high-THC API for pharmaceutical and compounding applications.

This achievement underscores Blueberries’ ongoing efforts to expand its presence in global markets and solidify its position within the pharmaceutical industry.