Clever Leaves Announces Leadership Transition Plan

BOCA RATON, Fla., Feb. 09, 2022 (GLOBE NEWSWIRE) — Clever Leaves Holdings Inc. (NASDAQ: CLVR, CLVRW) (“Clever Leaves” or the “Company”), a leading multinational operator and licensed producer of pharmaceutical-grade cannabinoids, today announced a leadership transition plan. Andres Fajardo, currently a director and president of the Company, has been selected to succeed Kyle Detwiler as CEO, effective March 24, 2022. Detwiler will remain CEO until March 24, 2022, to ensure a smooth transition, and he will continue to serve as the Company's Chairman until such date.

“Today's leadership changes are the culmination of a succession planning process that our board and Kyle have worked on together,” said Elisabeth DeMarse, who has served as an independent director of the board since December 2020. “We are pleased to have someone with Andres' experience and knowledge of Clever Leaves succeed Kyle as CEO, and we expect he will benefit from Kyle's continued support. On behalf of our board, we are grateful for Kyle's many contributions to this company over the years, and we wish him well in his next chapter.”

Fajardo brings more than 20 years of management experience to the Company. He has served as a director of the board since December 2020 and as president since 2019, and in various other roles at the Company since its establishment in 2016. Such roles include CEO in 2019 and chairman in 2018 of Clever Leaves Colombia. Prior to Clever Leaves, from 2016 to 2018, Fajardo was a founding partner of Mojo Ventures, a venture capital incubator in Colombia. Fajardo also served as CEO of IQ Outsourcing, a leading Colombian business processing outsourcing firm from 2010 to 2015, and a principal member at Booz & Company from 2000 to 2010. He obtained a Master of Business Administration from Harvard Business School and a Bachelor of Science in Industrial Engineering and Economics from Los Andes University in Colombia.

Commenting on his appointment, Fajardo said: “As a co-founder of the Company and a true believer in its purpose of bringing the benefits of cannabis to patients around the world, I am honored to transition to the role of CEO at such an important time in the Company's history. I believe that we have the right team, clients, products, and assets to lead the Company to the next level. I look forward to continuing to work closely with Kyle and the board to execute Clever Leaves' strategy.”

Detwiler commented: “It has been a privilege to serve alongside such a talented team over the last seven years. Andres and I have worked together for more than half a decade, and he is well-positioned to build upon the early success we have generated in our core markets and leverage the robust infrastructure we have built across our production footprint. I look forward to working with him as he transitions into this exciting new role.”

About Clever Leaves Holdings Inc.

Clever Leaves is a multinational cannabis company with an emphasis on ecologically sustainable, large-scale cultivation and pharmaceutical-grade cannabinoid processing as the cornerstones of its global cannabis business. With operations and investments in the United States, Canada, Colombia, Germany and Portugal, Clever Leaves has created an effective distribution network and global footprint, with a foundation built upon capital efficiency and rapid growth. Clever Leaves aims to be one of the industry's leading global cannabis companies recognized for its principles, people, and performance while fostering a healthier global community. Clever Leaves has received multiple international certifications that have enabled it to increase its export and sales capacity from its Colombian operations, including European Union Good Manufacturing Practices (EU GMP) Certification, a Good Manufacturing Practices (GMP) Certification by Colombia National Food and Drug Surveillance Institute – Invima, and Good Agricultural and Collecting Practices (GACP) Certification. Clever Leaves was granted a license in Portugal from Infarmed – the Portuguese health authority – which allows Clever Leaves to cultivate, import and export dry flower for medicinal and research purposes. In addition, the Portuguese operation was also granted by Control Union Certifications to be compliant with GACP and GAP from EMEA and WHO, as well as with CUMCS – G.A.P.

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