Clever Leaves has signed a four-year take or pay supply agreement with Australian Natural Therapeutics Group (ANTG) worth at least US$7.8 million.
The multinational operator will supply CBD isolate and GMP-certified THC crude oil from its operation in Colombia and THC dried flower from its GACP-certified operation in Portugal.
ANTG has committed to purchasing a minimum of US$7.8 million worth of product, with the next shipment planned for this month. Clever Leaves said it is the largest supply agreement it has signed with an Australian cannabis company.
ANTG will use Clever Leaves’ products to produce locally manufactured prescription medications and for research and development.
Clever Leaves president and incoming CEO Andrés Fajardo said: “Australia is a rapidly expanding market, and increasing product shipments to the country allows Clever Leaves to accelerate market growth further.
“ANTG’s research focus, pharmaceutical certifications and distribution capabilities are aligned with our mission to produce high-quality cannabinoid-based medicinal treatments that can meet patient needs.”
ANTG CEO Matt Cantelo added: “We look forward to adding Clever Leaves’ high-quality APIs to our expanding range of premium products ensuring continuing supply and a greater choice of high-quality affordable medicines for all our patients in Australia.”