YVY Life Sciences recently became the first company in Uruguay to receive both medical THC and CBD production licenses from the Institute for the Regulation and Control of Cannabis (IRCCA).

Why It Matters

YVY Life Sciences is one of the leading cannabis companies in Uruguay, offering unique experiences and high-quality natural products produced with an innovative and sustainable cultivation model.

The company's main operations are in Uruguay and it is currently launching business activities in Colombia and Argentina. YVY is part of the Terraflos family of companies, which also holds a stake in Blueberries Medical Corp (OTC:BBRRF).

What's Next

According to management, YVY will continue to develop its unique CBD cultivation model with La Armonia, a women's cooperative in Canalones, Uruguay. The partner farm will cultivate medical CBD flowers in greenhouses adhering to good agricultural practices (GACP).

Meanwhile, YVY has commenced its first medical THC cultivation cycle at its new property in Garzon. The cultivation, both in greenhouses and outdoors, will feature unique high-THC and mixed CBD/THC genetics, and be GACP certified as well.

"I'm super proud of our team for achieving this incredible milestone. As the first company in Uruguay to receive both medical CBD and THC cultivation licenses from IRCCA, we're ending 2021 on a big high and promise to continue innovating and pioneering the way forward in 2022," Kevin Nafte, co-founder and head of business development at YVY, told Benzinga.

Both CBD and THC cultivations will be dried and processed in a GMP-compliant facility with the goal of exporting the dried flowers and biomass for final consumption or extraction. Harvests are expected to take place in March and April 2022.