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Blueberries Medical Reports 2021 Q1 Financial Results and Provides Corporate and Operations Update

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TORONTO, Could 31, 2021 (GLOBE NEWSWIRE) — Blueberries Medical Corp. (CSE: BBM) (OTC: BBRRF) (FRA: 1OA) the Canadian mum or dad of Blueberries S.A.S. (“BBSAS”), the premier Latin American licensed cultivator and producer of medicinal hashish and medicinal-grade hashish extracts, (collectively the “Firm” or “Blueberries“), is happy to report its monetary outcomes for the quarter ended March 31, 2021. Right now, Blueberries has filed its unaudited condensed interim consolidated monetary statements and associated administration’s dialogue and evaluation, each of which can be found on Blueberries’ profile at Blueberries right now additionally introduced the appointment of Mr. Guillermo P. Rodriguez as Chief Monetary Officer (“CFO”) efficient June 1, 2021, following the resignation of Ian D. Atacan, the Firm’s CFO.

Facundo Garreton, Chairman and Chief Government Officer said, “On behalf of the Board of Administrators and the whole Blueberries workforce, I want to thank Ian for his contributions as our CFO throughout Blueberries’ important phases, from the start-up, infrastructure construct and now commercialization, and for his dedication and professionalism in the course of the international challenges that the Firm has confronted over the previous yr on account of the COVID-19 pandemic. We additionally need to acknowledge Ian for his management and making certain a easy transition and continuity within the function of CFO to his successor, Guillermo.”

Guillermo Rodriguez – Biography

Guillermo P. Rodriguez has an enormous expertise for over greater than 20 years as CFO in numerous industries and markets, particularly at technological & worldwide firms doing enterprise globally. Previous to becoming a member of Blueberries, Mr. Rodriguez held the CFO place for a number of years at firms like NEC Argentina, the Argentinean department of the Japanese Telco firm, and likewise at UOL-Sinectis a Brazilian ISP and media firm, and he was the Vice President of Finance Worldwide of IT Convergence, and these days and for the final 10 years, he was the Chief Government Officer at SETSA, a real-state firm doing enterprise in Argentina with greater than 220,000 sf of workplace constructing developed in Buenos Aires. Guillermo is a Licensed Public Accountant (“CPA”) and has a Enterprise Administration Diploma from the College of Buenos Aires, Argentina.

Mr. Garreton stated, “We want Ian the best possible in his new ventures, and we’re happy to welcome Guillermo to Blueberries’ administration workforce. Given his broad monetary, accounting and taxation background, and his management expertise, we’re assured that Guillermo will play a key function in main the corporate along with the remainder of the administration workforce to set and ship the methods and targets.”

Monetary Highlights

All monetary data on this press launch is reported in Canadian {dollars}, until in any other case indicated.

“We’re persevering with to construct Blueberries on three basic pillars,” stated Jose Maria Forrero, President, Latin American Operations, “Function with Excellence – Making certain a low cash-burn charge with low-risk publicity. Join with Demand – Our gross sales to Peru have already commenced, whereas the launch of magistral formulations is imminent. And at last: Differentiate – Constructing on our vertically built-in infrastructure, we’re searching for B2B and B2C business alternatives the place we are able to leverage our aggressive benefits. I’m additionally completely satisfied to announce that Blueberries companion Fundacion Laboratorio de Farmacología Vegetal (“LABFARVE”) has acquired the certification of Good Elaboration Practices for Magistral Preparations with Hashish (“GEP”). By means of the lively collaboration settlement with LABFARVE, the Firm is now succesful to manufacturing cannabis-based magistral formulations for the Colombian home market. Blueberries expects finishing its preliminary prescriptions of full-spectrum, excessive CBD formulations inside days.”

Three months ended March 31,
(Expressed in Canadian {Dollars}) 2021 2020
Revenues $ 23,120 $
Value of gross sales (1,195 )
Gross revenue $ 21,925 $
Pre-operating bills $ (114,171 ) $ (251,646 )
Basic and administrative bills (159,953 ) (1,083,299 )
Depreciation and amortization (217,026 ) (175,892 )
Finance expense (62,489 )
Different expense (23,345 ) (23,047 )
Overseas change loss (35,266 ) (135,470 )
Present and deferred earnings tax
Internet loss $ (590,325 ) $ (1,669,354 )
Different Complete Loss
Overseas forex translation adjustment (193,806 ) (174,243 )
Complete loss $ (784,131 ) $ (1,843,597 )
Loss per share – fundamental and diluted $ (0.004 ) $ (0.013 )
As at March 31,
              As at December 31,
2021 2020
Whole property $ 7,408,411 $ 7,270,212
Whole liabilities 3,297,923 3,380,433
Whole fairness 4,110,488 3,889,779

Monetary Highlights Commentary

Revenues – Blueberries’ business operations are nonetheless in early levels with introductory gross sales of cloned cuttings of its cultivars to affiliate growers. The Firm didn’t have revenues in the course of the three months ended March 31, 2020.

Pre-operating bills – For the reason that Firm is in early levels of business operations, materials operational prices are included below pre-operating bills, that are non-capital expenditures referring to Blueberries’ hashish cultivation and extraction operations. Throughout 2020, because of COVID-19, the corporate applied voluntary wage reductions for personnel in administration positions, which is mirrored within the decrease pre-operating bills in 2021.

Basic and Administrative (“G&A”) Bills – An evaluation of chosen G&A bills is as follows:

Three months ended March 31,
2021 2020
Share based mostly compensation (31,160 ) 502,944
Advertising and investor relations 35,498
Director and administration charges 57,000 140,155
Authorized 333 43,585
Consulting 17,746 107,063
Wage, wages, and advantages 63,779 150,783
Audit and accounting (8,817 ) 22,388
Basic workplace 14,808 47,097
Journey 41 10,088
Submitting and switch agent charges 24,902 13,802
Insurance coverage 17,615 4,054
Different 3,705 5,842
Whole normal and administrative bills 159,953 1,083,299

Share based mostly compensation – In the course of the first quarter of 2021, 3,099,998 unvested choices had been forfeited leading to a reversal of stock-based compensation of $251,982.

Director and administration charges – The year-on-year lower displays financial savings measures applied because of COVID-19 pandemic, with sure administrators and officers leaving the corporate. The Firm continues to handle its prices and focuses its sources on business and revenue-generating actions.

Authorized charges – The Q1, 2021 authorized charges mirror a one-time money credit score of $24,303 that was recovered from beforehand unclaimed HST/GST quantities. The charges incurred in 2021 and 2020 primarily relate to procurement of authorized companies for personal placements, ongoing administrative issues and authorized counsel relating to the construction and format of potential enterprise ventures the Firm is pursuing.

Consulting – Contains recommendation and help on operations, high quality administration, facility growth, monetary and technical counsel, human sources companies, and regulatory compliance. The discount of consulting charges from 2020 to 2021 are as a result of Firm having incurred start-up associated consulting charges in 2020, primarily engagement of latest companies by the corporate in the beginning of the operations on compliance with EU-GMP requirements. The 2021 consulting charges are additionally decrease due to financial savings realized by monetary companies being internalized.

Wage, wages, and advantages – Embody payroll, coaching, advantages, and severance prices of staff in Colombia. The year-on-year lower displays the Firm persevering with to handle its prices, together with head rely, and focusing its sources on business and revenue-generating actions.

Audit and accounting charges – Embody price of audit, accounting and taxation companies supplied by the Firm’s exterior auditor and different third events. The Q1, 2021 audit and accounting charges mirror a one-time money credit score of $23,192 that was recovered from beforehand unclaimed HST/GST quantities.

Basic workplace expenditures – Embody workplace and tools lease, utilities, communication, and cleansing companies. The year-on-year lower displays financial savings measures applied because of COVID-19 pandemic. Blueberries closed its Toronto and Bogota places of work, with important month-to-month rental charge financial savings.

Journey – The lower in journey bills from 2020 to 2021 is because of tighter price management on discretionary bills and the impression of COVID-19 journey restrictions.

Finance Expense – The finance expense consists of accrued curiosity of $32,500 on the convertible debenture and the accretion of convertible debt legal responsibility of $29,989.

About Blueberries Medical Corp.
Blueberries is a Latin American licensed producer of naturally grown premium high quality hashish with its major operations ideally positioned within the Bogotá Savannah of central Colombia. The Firm is led by a specialised workforce with proprietary experience in agriculture, genetics, extraction, drugs, pharmacology and advertising and marketing, Blueberries is absolutely licensed for the cultivation, manufacturing, home distribution, and worldwide export of CBD and THC-based medical hashish in Colombia. Blueberries’ mixture of main scientific experience, agricultural benefits and distribution preparations has positioned the Firm to grow to be a number one worldwide provider of naturally grown, processed, and standardized medicinal-grade hashish oil extracts and associated merchandise.

Further details about the Firm is obtainable at For extra data, please contact:

Jose Forero, President, Latin American Operations
Tel: +57 310 345 8808

Cautionary Notice Concerning Ahead-Wanting Info
This information launch comprises “forward-looking data” and “forward-looking statements” (collectively, “ahead wanting statements”) throughout the which means of the relevant Canadian securities laws. All statements, apart from statements historic reality, are forward-looking statements and are based mostly on expectations, estimates and projections as on the date of this information launch. Any assertion that entails discussions with respect to predictions, expectations, beliefs, plans, projections, aims, assumptions, future occasions or efficiency (typically however not all the time utilizing phrases akin to “expects”, or “doesn’t anticipate”, “is predicted”, “anticipates” or “doesn’t anticipate”, “plans”, “finances”, “scheduled”, “forecasts”, “estimates”, “believes” or “intends” or variations of such phrases and phrases or stating that sure actions, occasions or outcomes “might” or “might”, “would”, “would possibly” or “will” be taken to happen or be achieved) should not statements of historic reality and could also be forward-looking statements. On this information launch, ahead wanting statements relate, amongst different issues, to: graduation of business manufacturing of CBD-dominant oils and merchandise, profitable implementation of full GMP requirements at its extraction facility to permit for added export potential to worldwide markets, reaching further milestones is contemplated, or in any respect, means to increase distribution networks, means to increase and improve the Firm’s cultivation services in Colombia, inner expectations, expectations relating to the flexibility of the Firm to entry new Latin American and worldwide markets, the flexibility to draw and retain new clients, and future growth plans together with growth of the cultivation, manufacturing, industrialization and advertising and marketing of hashish for business and scientific functions.

These forward-looking statements are based mostly on affordable assumptions and estimates of administration of the Firm on the time such statements had been made. Precise future outcomes might differ materially as forward-looking statements contain recognized and unknown dangers, uncertainties and different components which can trigger the precise outcomes, efficiency or achievements of the Firm to materially differ from any future outcomes, efficiency or achievements expressed or implied by such forward-looking statements. Such components, amongst different issues, embody: fluctuations basically macroeconomic situations; fluctuations in securities markets; expectations relating to the dimensions of the Colombian and worldwide medical hashish market and altering shopper habits; the flexibility of the Firm to efficiently obtain its enterprise aims; plans for growth; political and social uncertainties; incapacity to acquire satisfactory insurance coverage to cowl dangers and hazards; and the presence of legal guidelines and rules which will impose restrictions on cultivation, manufacturing, distribution and sale of hashish and hashish associated merchandise in Colombia, Argentina and elsewhere; and worker relations. Though the forward-looking statements contained on this information launch are based mostly upon what administration of the Firm believes, or believed on the time, to be affordable assumptions, the Firm can’t guarantee shareholders that precise outcomes will likely be according to such forward-looking statements, as there could also be different components that trigger outcomes to not be as anticipated, estimated or meant. Readers shouldn’t place undue reliance on the forward-looking statements and data contained on this information launch. The Firm assumes no obligation to replace the forward-looking statements of beliefs, opinions, projections, or different components, ought to they alter, besides as required by regulation.

Further data relating to the Firm, and different dangers and uncertainties referring to the Firm’s enterprise are contained below the heading “Threat Components” within the Firm’s Itemizing Assertion dated January 31, 2019 filed on its issuer profile on SEDAR at

No inventory change, securities fee or different regulatory authority has authorised or disapproved the data contained herein.

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