CannaRoyalty Signs Agreement with Craft Cannabis Cultivator FloraCal

CannaRoyalty (CSE:CRZ; OTCQX:CNNRF) announced a new a binding Letter of Intent with FloraCal Farms for a strategic partnership on craft premium cannabis flower production, branding, and sales.

As quoted in the press release:

The LOI also contemplates the receipt by CannaRoyalty of the exclusive global rights to license FloraCal’s full Intellectual Property (“IP”) portfolio, inclusive of brand, outside of California.

FloraCal is a 100% family owned and operated cultivator in Northern California that handcrafts, brands and packages small batches of ultra-premium cannabis flower, with an average selling price of over US$17 per gram. FloraCal’s products are currently available in over 210 dispensaries in California through CannaRoyalty investee River Distribution (“River”). The Company and FloraCal will jointly execute a purpose-built expansion into CannaRoyalty’s existing 20,000 square foot facility in Sonoma County, which is strategically adjacent to both River and FloraCal’s current manufacturing and cultivation facilities.

Click here to read the full press release.

Source: www.newswire.ca