TOCANCIPÁ, Colombia, April 26, 2024 (GLOBE NEWSWIRE) -- Clever Leaves Holdings Inc. (NASDAQ:CLVR, CLVRW))) ("Clever Leaves" or the "Company"), a global medicinal cannabis company, today announced that its Board of Directors (the "Board") determined to voluntarily delist its common shares, without par value (the "common shares") and warrants, each exercisable for 1/30th common share at an exercise price of $11.50 (the "Warrants" and together with the common shares, the "Securities") from The Nasdaq Stock Mar ...

Production and Sales - The company harvested 4,753 kilograms of cannabinoids in 2023, a decrease of 41% from 8,064 kilograms in 2022, primarily due to the shutdown of its Portugal facility[240]. - The company sold 17,869 kilograms of product in 2023, a 37% increase from 13,035 kilograms in 2022[240]. - The Cannabinoid segment sold 17,869 kilograms of dry flower equivalent in 2023, up from 13,035 kilograms in 2022, indicating strong demand for cannabinoid extracts[265]. - The company has 43 genetic strains of cannabinoids registered in Colombia and aims to expand its cultivation and extraction capabilities[415]. Revenue and Profitability - Revenue for the year ended December 31, 2023, was $6,558,000, representing a 31% increase from $4,996,000 in 2022[240]. - Revenue increased to $17,417 million for the year ended December 31, 2023, from $16,410 million for the year ended December 31, 2022, driven by increased sales in the Cannabinoid segment[259]. - Cannabinoid segment revenue increased to $6,558 million in 2023 from $4,729 million in 2022, representing a growth of 38.7%[329]. - Non-cannabinoid segment revenue decreased to $10,859 million in 2023 from $11,681 million in 2022, a decline of 7.0%[329]. - Gross profit decreased to $6,556 million in 2023 from $7,217 million in 2022, reflecting a decline in profitability[257]. Costs and Expenses - The cost to produce increased by 22% to $3,560,000 in 2023 from $2,913,000 in 2022, with the cost per gram rising by 108% to $0.75[240]. - Cost to produce dry flower equivalent increased to approximately $0.75 per gram in 2023 from $0.36 per gram in 2022, primarily due to reduced agricultural output and changes in cultivation techniques[266]. - Sales and marketing expenses rose to $2,036 million in 2023 from $1,897 million in 2022, attributed to increased advertising and marketing costs[284]. - Total expenses decreased significantly to $22,150 million in 2023 from $54,136 million in 2022, reflecting cost-cutting measures[257]. - Operating expenses decreased to $22,150 for the year ended December 31, 2023, from $54,136 for the year ended December 31, 2022, a reduction of $31,986 or 59%[306]. Certifications and Compliance - The company received multiple certifications, including the Brazilian Certificate of Good Manufacturing Practice in May 2023 and the Australian Certificate of GMP Compliance in December 2023, enhancing its global operational capabilities[220][229]. - The company has received EU GMP certification, which is essential for the commercialization of pharmaceutical products in Europe, and was re-certified in September 2023[389]. - The company has been granted GMP certifications from multiple regulatory bodies, including ANVISA in Brazil and TGA in Australia, allowing it to manufacture cannabis products for patients in those markets[387]. Strategic Initiatives - The company plans to expand its operations in Colombia and invest in advanced processing capabilities to match growth in cannabis sales[236]. - The company aims to develop a low-cost global supply chain for high-quality cannabis and wellness products, leveraging its strategic locations and certifications[226]. - The company is focused on geographic diversification and optimization, distinguishing itself from many Canadian licensed producers and U.S. operators[413]. Financial Position and Future Outlook - The company is actively seeking financing sources to fund continued operations, with uncertainties regarding the ability to raise additional capital[317]. - The company has raised concerns regarding its ability to continue as a going concern due to uncertainties in raising additional capital[336]. - The company anticipates continuing to incur net losses due to commercialization, marketing, and administrative costs[338]. - Cash and cash equivalents at the end of the period decreased to $6,901 million in 2023 from $12,888 million in 2022, a decrease of 46.5%[334]. - The company plans to issue and sell common shares with an aggregate offering price of up to $50,000 million under an Equity Distribution Agreement[337]. Operational Changes - The company sold its non-cannabinoid business segment, which included nutraceutical and wellness products, after the year-end, focusing on its cannabinoid operations[230]. - The Company ceased all operations in Portugal in January 2023 to focus on cannabis cultivation and production in Colombia[261]. - The company has engaged in the sale of certain laboratory and processing equipment in Portugal as part of its wind-down process, completing the shutdown of its operations in Portugal by January 2024[405]. - The company disposed of its Portugal assets, which is expected to reduce operating losses going forward, with discontinued operations net of tax showing a gain of $1,898 for the year ended December 31, 2023, compared to a loss of $(28,361) in the prior year[300].

- 2023 Revenue Increased 6% Year-Over-Year, with a 39% Increase in Full-Year Cannabinoid Revenue - TOCANCIPÁ, COLOMBIA, April 1, 2024 – Clever Leaves Holdings Inc. (NASDAQ: CLVR, CLVRW) ("Clever Leaves" or the "Company"), a global medicinal cannabis company, is reporting financial and operating results for the fourth quarter and full year ended December 31, 2023. All financial information is provided in US dollars unless otherwise indicated. • Revenue in the fourth quarter of 2023 increased 5% to $4.6 milli ...

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TOCANCIPÁ, Colombia, Feb. 13, 2024 (GLOBE NEWSWIRE) -- Clever Leaves Holdings Inc. (NASDAQ:CLVR, CLVRW))) ("Clever Leaves" or the "Company"), a global medicinal cannabis company, announced today that through its partnership with award-winning Dutch seed bank, Paradise Seeds ("Paradise"), to develop and register high performance cannabis cultivars in Colombia, Clever Leaves will have exclusive license to cultivate some of these genetics, while Paradise will make other cultivars available to third parties for ...

Company Participants Andres Fajardo - Chief Executive Officer Conference Call Participants Operator Jackie Keshner Before I introduce Andres, I'll remind you that during today's call, including the question-and-answer session, statements that are not historical facts, including any projections or guidance, statements regarding future events or future financial performance, or statements of intent or belief are forward-looking statements and are covered by the Safe Harbor disclaimers contained in today's pre ...

Operations and Capacity - The company owns approximately 1.8 million square feet of greenhouse cultivation capacity in Colombia and has a pharmaceutical-grade extraction facility capable of processing 108,000 kilograms of dry flower per year [320]. - The company received European Union Good Manufacturing Practices (EU GMP) certification for its Colombian operations, positioning it as one of the largest quality-certified licensed capacities for cannabis cultivation and extraction globally [321]. - The company operates in two segments: Cannabinoid and Non-Cannabinoid, with the Cannabinoid segment focused on international commercialization of cannabinoid products [325]. - The non-cannabinoid segment, through Herbal Brands, distributes wellness products to over 20,000 retail locations across the United States, leveraging a GMP-compliant, FDA registered facility [322]. - The company’s operations span multiple countries, including Colombia, Germany, the United States, and Canada, indicating a broad market presence [323]. Strategic Goals and Partnerships - The company aims to develop a low-cost global supply chain for high-quality cannabis and wellness products, targeting competitive pricing and sustainable production [323]. - The company is focused on strategic partnerships with cannabis and pharmaceutical businesses to provide lower-cost products and reliable supply [324]. Internal Controls and Compliance - Management identified material weaknesses in internal controls, including insufficient trained professionals and inadequate segregation of duties, impacting financial reporting [180][181]. - Remediation activities are ongoing, with plans to enhance controls and add technical accounting resources to improve the control environment [185]. Regulatory Environment - The company’s future growth may be influenced by potential changes in U.S. federal laws regarding cannabinoid distribution [322].

Okay. Thanks, guys. That's it for me. Operator [Operator Instructions] It appears we have no further question. This concludes our question-and-answer session. I would like to turn the conference back over to Mr. Fajardo for his closing remarks. Andres Fajardo Well, I want to thank everybody for joining us today. And we look forward to speaking with our investors and analysts when we report our third-quarter results in November. So thank you all very much. Operator The conference has now concluded. Thank you ...

Disclaimer, Cont. Accordingly, there can be no assurance that the projections will be realized and actual results may vary materially from those projected. The inclusion of summaries of the projections in this document should not be regarded as an indication that Clever Leaves or any of its affiliates, officers, directors, advisors or other representatives considered or consider the projections to be necessarily predictive of actual future events or results of Clever Leaves' operations, and, consequently, t ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2023 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-39820 Securities registered pursuant to Section 12(b) of the Act: | --- | --- | --- | |------------|---------- ...