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MedReleaf Enters Colombian Cannabis Market with €2.75 Million Acquisition


MedReleaf acquires MED Colombia
Cannabis cultivation and extracts production licence in Colombia will service a global supply chain

MARKHAM, ON, July 24, 2018 /CNW/ – MedReleaf Corp. (TSX:LEAF) (“MedReleaf” or the “Company”) today announced that it has acquired MED Colombia SAS (“MED Colombia”), a company with licences in Colombia to cultivate cannabis and produce cannabis oil extracts, along with a library of cannabis genetics, for a total consideration of €2.75 million in cash. This acquisition provides MedReleaf with the ability to produce low-cost, high-quality raw materials to serve its global supply chain as well as the domestic Colombian medical cannabis market.

As one of the world’s leading agricultural production regions, Colombia legalized medical cannabis in 2015 and is poised to become one of the largest exporters of medical cannabis in the world. MED Colombia received its government licence in 2017 for the cultivation of THC cannabis and its derivatives. MedReleaf has a team operating in Colombia since 2017 and this acquisition accelerates the Company’s plans to establish a licensed cultivation and extraction facility.