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Blueberries Medical Signs Framework Agreement with YVY Life Sciences of Uruguay

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TORONTO, March 26, 2021 (GLOBE NEWSWIRE) -- Blueberries Medical Corp. (CSE: BBM) (OTC: BBRRF) (FRA: 1OA) the Canadian parent of Blueberries S.A.S., the premier Latin American licensed cultivator and producer of medicinal cannabis and medicinal-grade cannabis extracts, (together the “Company” or “Blueberries”), today announced that it has signed a Framework Agreement with Mechelen S.A., a subsidiary of YVY Life Sciences (“YVY”) for mutual development of strains and genetics in Colombia and potentially exporting dry cannabis flower of mutual strains from Uruguay.

This is Blueberries’ first agreement in Uruguay and the next step in Blueberries’ international growth strategy under way. In December 2013, Uruguay, became the first country in the world to legalize recreational cannabis, starting a ripple effect throughout the world and particularly in Latin America, which continues to this day. With this agreement, Blueberries will expand its reach to a new jurisdiction, and through the Mercosur Regional Free Trade Bloc, will gain access to Brazil. Latin America, which includes Colombia, Argentina, Peru and Uruguay, is a highly populous potential market, with countries that have recent or pending legislation permitting access to cannabis and CBD oils for medicinal use.

YVY is dedicated to the production of dried flowers of medicinal cannabis with their focus on sustainable and high-quality cannabis and hemp cultivation, harvesting their first sustainable crops in April 2020.

“We are incredibly pleased with the concept of co-developing new cannabis genetics in collaboration with YVY, and with the opportunity to replicate their unique cultivation model that will bring multiple benefits to our operations in Colombia,” said Jose Forero, Blueberries President of Latin American Operations, “Likewise, we are excited with the opportunity to register our top genetics in other countries. Uruguay is the perfect jurisdiction to start our expansion into new geographies and potentially export dry flower, something that is not yet allowed in Colombia.”

The Framework Agreement, dated March 24, 2021, has an initial term of five years, with customary renewal clauses and no consideration paid by neither party. It is intended as the first step in the relationship with specific accessory agreements to follow in the coming months. Under the Framework Agreement, Blueberries and YVY will structure collaborative plans, initially starting with mutual development of strains and genetics in Colombia, and consequently registration of those cultivars both in Colombia and Uruguay. This will provide a fast-track opportunity to register Blueberries’ proprietary genetics in Uruguay, thus allowing the partners to cultivate and export dry flower of Blueberries’ strains from Uruguay.

“We are thrilled with this strategic alliance with Blueberries as we venture beyond Uruguay. Our goal is to work closely with Blueberries to replicate YVY’s unique cultivation model with small producers in Colombia, producing high-quality and natural products while generating scalable social and environmental impact,” said Andrea Krell, Chief Executive Officer of YVY. “Our vision is to use the Framework Agreement as the first step in a long-term strategic partnership which will help us quickly take practical steps in developing collaborative projects both in Colombia and Uruguay.”

About YVY Life Sciences
YVY is a cannabis lifestyle brand comprising of natural and high-quality products, powered by an innovative and unique cultivation model. YVY operations are currently in Uruguay with expansion plans underway in Colombia and Argentina with potential distribution in Latin America and Europe. YVY’s focus and expertise is the cultivation of high-quality cannabis flower, biomass and seeds incorporating genetics R&D and strict quality control. YVY works with strategic partners to manufacture, formulate, and distribute YVY branded products targeting the wellness segment.

For more information about the YVY visit www.yvylifesciences.com, or please contact:

Andrea K Krell, Chief Executive Officer
Tel: +598 92 151 456

About Blueberries Medical Corp.
Blueberries is a Latin American licensed producer of naturally grown premium quality cannabis with its primary operations ideally located in the Bogotá Savannah of central Colombia. The Company is led by a specialized team with proprietary expertise in agriculture, genetics, extraction, medicine, pharmacology and marketing, Blueberries is fully licensed for the cultivation, production, domestic distribution, and international export of CBD and THC-based medical cannabis in Colombia. Blueberries’ combination of leading scientific expertise, agricultural advantages and distribution arrangements has positioned the Company to become a leading international supplier of naturally grown, processed, and standardized medicinal-grade cannabis oil extracts and related products.

Additional information about the Company is available at www.blueberriesmed.com. For more information, please contact:

Jose Forero, President, Latin American Operations
Tel: +57 310 345 8808

Ian Atacan, Chief Financial Officer
Tel: +1 (416) 562 3220

Cautionary Note Regarding Forward-Looking Information
This news release contains “forward-looking information” and “forward-looking statements” (collectively, “forward looking statements”) within the meaning of the applicable Canadian securities legislation. All statements, other than statements historical fact, are forward-looking statements and are based on expectations, estimates and projections as at the date of this news release. Any statement that involves discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as “expects”, or “does not expect”, “is expected”, “anticipates” or “does not anticipate”, “plans”, “budget”, “scheduled”, “forecasts”, “estimates”, “believes” or “intends” or variations of such words and phrases or stating that certain actions, events or results “may” or “could”, “would”, “might” or “will” be taken to occur or be achieved) are not statements of historical fact and may be forward-looking statements. In this news release, forward looking statements relate, among other things, to: commencement of commercial production of CBD-dominant oils and products, successful implementation of full GMP standards at its extraction facility to allow for additional export potential to international markets, achieving additional milestones is contemplated, or at all, ability to expand distribution networks, ability to expand and upgrade the Company’s cultivation facilities in Colombia, internal expectations, expectations regarding the ability of the Company to access new Latin American and international markets, the ability to attract and retain new customers, and future expansion plans including development of the cultivation, production, industrialization and marketing of cannabis for commercial and scientific purposes.

These forward-looking statements are based on reasonable assumptions and estimates of management of the Company at the time such statements were made. Actual future results may differ materially as forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to materially differ from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors, among other things, include: fluctuations in general macroeconomic conditions; fluctuations in securities markets; expectations regarding the size of the Colombian and international medical cannabis market and changing consumer habits; the ability of the Company to successfully achieve its business objectives; plans for expansion; political and social uncertainties; inability to obtain adequate insurance to cover risks and hazards; and the presence of laws and regulations that may impose restrictions on cultivation, production, distribution and sale of cannabis and cannabis related products in Colombia, Argentina and elsewhere; and employee relations. Although the forward-looking statements contained in this news release are based upon what management of the Company believes, or believed at the time, to be reasonable assumptions, the Company cannot assure shareholders that actual results will be consistent with such forward-looking statements, as there may be other factors that cause results not to be as anticipated, estimated or intended. Readers should not place undue reliance on the forward-looking statements and information contained in this news release. The Company assumes no obligation to update the forward-looking statements of beliefs, opinions, projections, or other factors, should they change, except as required by law.

Additional information regarding the Company, and other risks and uncertainties relating to the Company’s business are contained under the heading “Risk Factors” in the Company’s Listing Statement dated January 31, 2019 filed on its issuer profile on SEDAR at www.sedar.com.

No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.