Clever Leaves seeks to be listed on Nasdaq by merger with Schultze Special Purpose Acquisition Corp.

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Clever Leaves could become the first medical cannabis company with its main operations in Colombia to enter the Nasdaq stock market.

The company said it had entered into a non-binding letter of intent (LOI) combine his activity with Schultze Special Purpose Acquisition Corp. ((SAMA).

The two parties aim to sign a final agreement in June and conclude the agreement in the third quarter of 2020.

Once the transaction is complete, Clever Leaves shareholders would own “the majority of the shares in the merged public company to be listed on Nasdaq,” the announcement said.

“SAMA’s cash balances, currently in excess of $ 130 million, would be primarily used to finance short-term operating expenses, capital expenditures, working capital, and potential opportunities for the company’s mergers and acquisitions. resulting from the combination, “said a statement.

Clever Leaves currently has production assets in Colombia and Portugal.

It also has distribution assets in Germany.

In Colombia, Clever Leaves recently signed a supply agreement with Canopy Growth of Canada.

The company has already exported CBD products from its Colombian facilities to several countries, including Australia, Brazil, Poland and the United Kingdom, said a spokesperson. Marijuana Business Daily.

Clever Leaves is “on track to become one of the few cannabis companies in the world, and the only cannabis company in Latin America, to obtain European Union certification – good manufacturing practices for extracts ”, A key obligation to export extracts to EU countries such as Germany.

Clever Leaves employs approximately 500 people and has raised approximately $ 120 million in capital to date, the statement said.


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