Aphria (TSX:APH) and Perennial, a subsidiary of DATA Communications Management (TSX:DCM), announced the intention to create a joint venture and collaborate on the development of new cannabis products.
As quoted in the press release:
It is expected that a definitive agreement formalizing the joint venture will be finalized within the coming weeks.
The JV will be powered by Aphria’s best-in-class cannabis production and Perennial’s industry-leading expertise in strategic brand development. The two companies share a cultural commitment to relentless innovation. This proposed collaboration will focus on developing industry-leading product innovations and brands that cater to the needs and wants of targeted adult-use consumer segments. As the cannabis industry expands into new and highly-anticipated product categories, Perennial and Aphria believe that a committed, consumer-centric approach will enable the JV to remain on the leading edge of the cannabis industry.
Aphria will collaborate with Perennial in creating highly differentiated, market-disrupting brands and products that deliver adult consumers a unique and targeted cannabis experience. “We are incredibly focused on developing the innovative products of tomorrow that will revolutionize the way adult consumers integrate cannabis into their lives,” said Jakob Ripshtein, Chief Commercial Officer of Aphria.