Clever Leaves Holdings Inc. (CLVR) stock stands at $6.73 with a push of 5.65% in the aftermarket. However, the last trading session closed at $6.37.
Partnership with Colombian-based Pharmalab PHL Laboratories
On 19th October 2021, CLRV announced that it has done a partnership with Pharmalab PHL Laboratories S.A.S in Colombia. Pharmalab is a Colombian healthcare company that specializes in the sale and distribution of pharmaceuticals, nutritional supplements, and cosmetics. Moreover, Clever Leaves will offer Pharmalab with pharmaceutical-grade cannabis formulations for the distribution of magistral drugs in Colombia, which are intended to treat painful and inflammatory illnesses, as part of the cooperation. The collaboration was facilitated by President Iván Duque Márquez’s recent signature of a new Decree permitting drugstores to distribute and sell medical cannabis in Colombia.
This will help in marking a significant step toward meeting Colombian patients’ unmet needs. With so much of the cannabis production and extraction taking place within Colombian borders, this relationship provides a once-in-a-generation chance to supply Colombian doctors and patients with pharmaceutical-grade goods. In addition, the company is delivering cannabinoid goods. Last but not least, CLRV’s common enthusiasm for creating a happier, healthier local community makes Pharmalab the ideal partner to meet Colombian patients’ unmet needs.
Exports of First Commercial Shipment
On 6th October 2021, CLVR announced the exportation of 30 kg of high-THC cannabis flower from its Portugal facility to BRC. This not only strengthens Clever Leaves’ entry into the United States and BRC’s capacity to trade worldwide, but it also places the two firms among the first to commercially send dried cannabis flowers from Portugal to the United States.
Moreover, BRC’s collaboration with Clever Leaves continues to offer interesting research prospects that will one day improve patients’ lives. The company feels this cooperation is only getting started since both firms have the same ideals when it comes to DEA compliance. Lastly, BRC is excited to collaborate with Clever Leaves again, and they are looking forward to getting started with this high-quality product.
Second Quarter 2021 Results
CLVR announced second-quarter 2021 results on 12th August 2021. Revenue climbed by 89 percent to $3.7 million from $1.9 million. Moreover, the gross profit climbed by 157 percent to $2.3 million, resulting in a gross margin of 63.6 percent whereas the net loss was $9.0 million. The company’s second-quarter results reflected consistent progress toward the long-term ambition, as CLVR continued to optimize its posture across the global cannabis supply chain.
The company’s cannabis segment has approximately a 4x year-over-year increase, as well as the non-cannabinoid business’s ongoing recovery from COVID-related problems, generated revenue growth in the quarter, while market-leading cultivation and production efficiency contributed to gains in adjusted EBITDA. Lastly, the company has developed a solid basis to capitalize on future development prospects by increasing worldwide export presence and maintaining a consistent focus on product quality and operational efficiency.