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Cannabis producer Clever Leaves starts trading on Nasdaq

(This story has been updated to note that Clever Leave’s stock has begun trading.) 

Shares of Clever Leaves Holdings began trading on the Nasdaq on Friday, the first cannabis producer with its main operations in Colombia to trade on a large U.S. stock exchange.

Clever Leaves Holdings is the newly formed holding company after it completed the previously announced acquisition of Schultze Special Purpose Acquisition Corp. and Clever Leaves International for approximately $205 million.

Kyle Detwiler, formerly CEO of Clever Leaves International, will lead the new company, according to the company’s press release.

Clever Leaves Holdings will trade under the ticker symbol CLVR.

Other members of Clever Leaves’ executive management team, including Andrés Fajardo as president and Julian Wilches as chief regulatory officer, will remain with the new company.

Its board will be composed initially of Detwiler, Fajardo, Gary Julien, Etienne Deffarges and Elisabeth DeMarse.

Clever Leaves said it has exported medical cannabis products to 14 countries. However, exports from Colombia have been unimpressive so far.

The company noted it has principal operations in Colombia, Portugal, Germany and the United States.

According to its prospectus, Clever Leaves has 18 greenhouses in Colombia, creating 1.8 million square feet of cultivation space.

In Portugal, Clever Leaves has approximately 110,000 square feet of existing greenhouse facilities, plus 9 million square feet of agricultural and agro-industrial land.

As of July 31, the company said it had about 500 employees, with 400 in Colombia, and 50 in the United States and Canada. Another 50 were in Europe.

Clever Leaves obtained a cultivation license for its production facility in Portugal in August.

The prospectus can be found here.

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