Cannara Biotech Enters Cannabinoid-Infused Beverage Product Category
Partners with a Leading Quebec Microbrewery
Cannara Biotech Inc. (CSE:LOVE) (“Cannara Biotech” or the “Company”), a Montreal-based company that is building a vertically integrated cannabis company focused on cultivation and cannabis-infused products, today announced it has entered into a letter of intent with a leading Quebec microbrewery to develop cannabinoid-infused beverages. Following the regulations relating to edibles and beverages coming into effect next October, consumers will be able to purchase a variety of cannabinoid-infused beverages including non-alcoholic beer, kombucha and cider.
“Many of the world’s most successful beverage companies have aggressively invested in Cannabinoid-infused product development underscoring this product category’s market potential,” said Zohar Krivorot, President and CEO of Cannara Biotech. “This agreement also underscores our commitment in building Cannara Biotech into a premium Canadian cannabis company by leveraging our facility’s unique size and flexibility, partnering with industry leaders and supporting these joint ventures with both financial and human capital.”
Cannabinoid-infused beverage sales are forecasted to reach $260 million for North America by 2022, according to Canaccord Genuity. In addition to non-alcoholic cannabinoid-infused beer, this is the first of many partnerships that we intend to use the facility to execute our collaboration strategy to produce edibles, pet-products, cosmetics and other beverages for the Canadian market.
About Cannara Biotech Inc.
Cannara Biotech is building the largest indoor cannabis cultivation facility in Quebec, a modern and secure 625,000 square foot facility located in Farnham, less than 45 minutes from Montreal. Leveraging Quebec’s low electricity costs, Cannara’s facility will produce high-grade indoor hydroponically grown cannabis and derivative products for the Canadian and international markets. Working with partners, Cannara will generate licensing revenues, rental revenues and revenue streams from joint-venture arrangements leveraging this valuable property. For more information, visit our website: www.cannara.ca
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Cautionary Statement Regarding “Forward-Looking” Information
This information release contains certain forward-looking information. Such information involves known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from those implied by statements herein, and therefore these statements should not be read as guarantees of future performance or results. All forward-looking statements are based on the Company’s current beliefs as well as assumptions made by and information currently available to it as well as other factors. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Due to risks and uncertainties, including the risks and uncertainties identified by the Company in its public securities filings, actual events may differ materially from current expectations. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
Source: www.newswire.ca