Blueberries Receives Approval to Sell Five CBD Wellness Products in Colombia and Internationally from Colombian Food and Drug Regulator
TORONTO, May 13, 2019 (GLOBE NEWSWIRE) -- Blueberries Medical Corp. (CSE: BBM) (OTC: BBRRF) (FRA: 1OA) (the “Company” or "Blueberries"), a leading Latin American licensed producer of medicinal cannabis and cannabis-derived products, is pleased to announce that the Company has received approval for the production, sale and export of five cannabidiol ("CBD") based health and wellness products from the Instituto Nacional de Vigilancia de Medicamentos y Alimentos ("INVIMA"), the Colombian National Food and Drug Surveillance Institute.
The approval has been granted for Blueberries’ initial suite of Health and Wellness products which include a Face Cream, Lip Balm, Body Cream, Beauty Balm and Cannabis Oil Shampoo. Product launch in Colombia and Latin America is expected to commence in the second half of 2019 upon the completion of the Company’s product branding strategy and distribution arrangements. As the Company grows its cosmeceutical line and brings products to market, Blueberries will leverage its strong product branding and marketing team, led by Christian Toro, Chairman of the Board, who brings over 40 years of experience in the development and marketing of consumer-packaged goods. The INVIMA approval is also expected to expedite the product approval process in other Latin America countries outside of Colombia.
INVIMA approval is a major accomplishment which allows us to commence product commercialization. Our team of distinguished experts has diligently worked to create proprietary products to bring the benefits of CBD to consumers across diverse markets in Latin America and globally, and position Blueberries as a leader in this new market segment as it continues to evolve. Our wellness product line will offer a range of premium products with natural ingredients for both the female and male consumer
stated Dr. Patricio Stocker, Chief Executive Officer of the Company.
Commercialization is expected to commence in the second half of this year upon the completion of our product branding and distribution strategy. During this time, we will continue to expand our portfolio of registered products with a robust pipeline of new products under development and finalize distribution arrangements within Colombia and abroad
stated Eduardo Molinari, Chief Marketing Officer of the Company.
CBD based cosmetic products have been an important focus area for Blueberries’ technical and business development teams and the Company continues to focus research efforts towards the topical use of CBD to address the growing global skincare market which is expected to reach US$131 Billion in 2019 (Source: Euromonitor International).
The five INVIMA approved CBD based products will form the foundation of the Company’s cosmeceutical and wellness offerings and include the following.
- Face Cream: Specially designed for sensitive skin, the nutrient-rich formulation moisturizes the face and reduces the signs of aging providing sensations of wellness.
- Lip Balm: Made with cannabis oil containing high concentrations of essential fatty acids, CBD lip balm helps to repair the skin’s natural moisture barrier, leaving the skin soft and supple.
- Body Cream: For use with dry and/or sensitive skin, this cream restores the natural moisture and elasticity of the skin for a younger, healthier look.
- Beauty Balm: Multifunction, highly versatile cosmetic product that moisturizes and illuminates the skin, smoothing its tone, covering imperfections and protecting the skin from UV rays.
- Cannabis Oil Shampoo: Moisturizing formulation leaves scalp strong and healthy, irrigating the capillaries for healthier, stronger and brighter hair while also helping to reduce premature hair loss.
CBD is widely regarded as an excellent cosmeceutical ingredient given its richness in nutrients such as Vitamin E, Omega 3 and Omega 6 as well as its many beneficial effects including the reduction of acne, dry skin and psoriasis. Its ease of absorption and ability to penetrate the skin helps to improve blood circulation and the lymphatic system functionality. The Company is currently in the final phase of R&D for two additional products which are expected to receive approval in the coming weeks.
The Colombia National Food and Drug Surveillance Institute (Instituto Nacional de Vigilancia de Medicamentos y Alimentos or INVIMA) is a regulatory authority that was created in 1992 under the Ministry of Health. INVIMA is responsible for inspecting and supervising the manufacturing and marketing of health products, food and drugs as well as identifying and evaluating violations of health standards or procedures, implementing best practices and providing medical approval for the import and export of products.
As a level four World Health Organization (WHO) agency, product approval by INVIMA can expedite the product approval process for countries outside Colombia. INVIMA has the same level of WHO status as Canada and the United States.
Blueberries is a Latin American licensed producer of naturally grown premium quality cannabis with its primary operations ideally located in the Bogotá Savannah of central Colombia and operations currently being established in Argentina. The Company is led by a specialized team with proprietary expertise in agriculture, genetics, extraction, medicine, pharmacology and marketing, Blueberries is fully licensed for the cultivation, production, domestic distribution, and international export of CBD and THC-based medical cannabis in Colombia. Blueberries’ combination of leading scientific expertise, agricultural advantages and distribution arrangements has positioned the Company to become a leading international supplier of naturally grown, processed, and standardized medicinal-grade cannabis oil extracts and related products.
Additional information about the Company is available at www.blueberriesmed.com. For more information, please contact:
Camilo Villalba, Chief Operating Officer
Jessika Angarita, Pacta Relations
Tel: +1 (305) 877 4710
Cautionary Note Regarding Forward-Looking Information
This news release contains "forward-looking information" and "forward-looking statements" (collectively, "forward looking statements") within the meaning of the applicable Canadian securities legislation. All statements, other than statements historical fact, are forward-looking statements and are based on expectations, estimates and projections as at the date of this news release. Any statement that involves discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as “expects”, or “does not expect”, “is expected”, “anticipates” or “does not anticipate”, “plans”, “budget”, “scheduled”, “forecasts”, “estimates”, “believes” or “intends” or variations of such words and phrases or stating that certain actions, events or results “may” or “could”, “would”, “might” or “will” be taken to occur or be achieved) are not statements of historical fact and may be forward-looking statements.
These forward-looking statements are based on reasonable assumptions and estimates of management of the Company at the time such statements were made. Actual future results may differ materially as forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to materially differ from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors, among other things, include: fluctuations in general macroeconomic conditions; fluctuations in securities markets; expectations regarding the size of the Colombian and international medical cannabis market and changing consumer habits; the ability of the Company to successfully achieve its business objectives; plans for expansion; political and social uncertainties; inability to obtain adequate insurance to cover risks and hazards; and the presence of laws and regulations that may impose restrictions on cultivation, production, distribution and sale of cannabis and cannabis related products in Colombia or internationally; and employee relations. Although the forward-looking statements contained in this news release are based upon what management of the Company believes, or believed at the time, to be reasonable assumptions, the Company cannot assure shareholders that actual results will be consistent with such forward-looking statements, as there may be other factors that cause results not to be as anticipated, estimated or intended. Readers should not place undue reliance on the forward-looking statements and information contained in this news release. The Company assumes no obligation to update the forward-looking statements of beliefs, opinions, projections, or other factors, should they change, except as required by law.
Additional information regarding the Company, and other risks and uncertainties relating to the Company's business are contained under the heading "Risk Factors" in the Company's Listing Statement dated January 31, 2019 filed on its issuer profile on SEDAR at www.sedar.com.
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