Clever Leaves completes sale of assets in Portugal for EUR2.5M

Clever Leaves Holdings announced it has closed the sale of the assets, including lab and processing equipment, previously used in its EU-GMP certified cannabis processing facility in Setubal, Portugal, as controlled by its wholly owned subsidiary, Clever Leaves Portugal Unipessoal. The assets were sold to Terra Verde, an affiliate of Curaleaf Holdings, for gross proceeds of approximately EUR2.5M. Proceeds from the sale are expected to improve Clever Leaves’ cash position. Clever Leaves plans to use the proceeds for working capital and general corporate purposes. The processing facility previously leased by the Company, which houses the lab and processing equipment, includes 900 sq. meters of EU-GMP-certified factory space and 750 sq. meters of warehousing space. Under the terms of the asset purchase agreement, Terra Verde has agreed to purchase the facility leasehold improvements; all installed equipment needed for drying, trimming, curing, and packaging; and the facility’s current quality system procedures.