Blueberries Medical Corp (OTCMKTS:BBRRF) Reports Revenues Of CAD 65,978 In 2020 From The Sale Of Cosmetic Products And Cloned Cuttings
Blueberries Medical Corp (OTCMKTS:BBRRF) commenced commercial operations in Q2 2020. The company realized sales of cosmetic products and cloned cuttings and posted revenues of CAD 65,978 in 2020.
CEO and Chairman of Blueberries, Facundo Garreton, said the company incorporated significant changes in its operations in 2020. Its management focused on the establishment of processing, cash management, and extraction capabilities. The company laid a foundation to achieve meaningful sales growth in 2021.
Reduces loss and G&A expenses
Its G&A expenses declined to CAD 2.484 million (down 54.52% YoY) in 2020. The company also narrowed its loss to CAD 4.940 million in 2020.
During the ongoing COVID-19 pandemic in 2020, the company implemented salary reductions for its management team. The company incurred expenses for the promotion of its stock and maintaining investor relations in 2019. It helped the company commence trading on CSE and raise capital besides development, promotion, and growth of its assets and operations.
Acquires BBV Labs Inc
Blueberries took over BBV Labs Inc on November 30, 2020. BBV Labs Inc holds 75% in a JV with a state-owned company in Argentina.
Blueberries raised capital of CAD 1 million on January 19, 2021, through a private placement. Following the private placement, the company appointed Facundo as an interim CEO and chairman.
As a result of the private placement, the previous directors – Paola Castañeda, Matthew Bajurny, Francisco Sole, Dr Andres Vidal, Fabio Valencia Cossio, and Christian Toro relinquished their posts from the director board.
Creates a new board and audit committee
Blueberries formed a new board with directors Sebastian Hochbaum, Catherine Lathwell, Patricio Villalba, and Facundo Garretón. It also reconstituted the audit committee with Patricio Villalba, Catherine Lathwell, and Facundo Garreton.
The company appointed José María Forero as a President (Operations) in Latin America on February 16, 2021.
Blueberries signed an agreement on March 15, 2021, with Futura Farms. As per the terms of the deal, the company will supply 200 kg of formulated and premium cannabis oil for the Peruvian medical cannabis market.
Blueberries and YVY Life Sciences agreed to the mutual development of genetics and strains in Columbia. They will also export dry cannabis flower from Uruguay.