Latin American licensed producer of medicinal cannabis and cannabis-derived products Blueberries Medical Corp. (CSE:BBM) (OTC:BBRRF) (FRA: 1OA) wrapped up 2023 with an announcement of a non-brokered private placement consisting of the sale of 180,716,00 common shares at CA$0.011 ($0.0083) per common share for aggregate gross proceeds of approximately CA$1,987,876.
The net proceeds from the sale of the common shares will be used to repay existing debt and for general corporate and working capital purposes.
The offering was led by Terraflos Inc., a company with operations throughout Latin America founded and controlled by Facundo Garreton, who serves as chairman, CEO and director of Blueberries.
Terraflos is exploring various prospects in Argentina, Mexico and Brazil with plans to expand operations into those markets in the short term.
See also: Exclusive: LatAm Cannabis Co. Terraflos, Founded By Former Congressman, Closes $8M Seed Funding Round
The company's objective is to satisfy food and medicine needs using non-conventional methods, without exploiting natural resources as is common in current methodologies.
Earlier this year, Blueberries signed a joint venture agreement with Allied Corp. (OTCQB:ALID). The collaboration includes the production of psychoactive and non-psychoactive derivatives.
By combining Allied's expertise in producing quality cannabis flowers with Blueberries' extraction facilities, the companies have joined forces in sales efforts, while optimizing production capabilities.
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BBRRF Price Action
Blueberries Medical's shares traded 12.7451% higher at $0.0138 per share after the market closed on Friday.
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