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Heritage Cannabis Holdings Corp. (CSE: CANN) (OTCQX: HERTF) ("Heritage" or the "Company"), today announced that it has entered into an arrangement (the "Arrangement") with CannaBR Exports Corp ("CannaBR"), a Brazilian focused pharmaceutical CBD product importation and distribution company, for the distribution and sale of bulk CBD products to the Brazilian cannabis market.
Heritage, in conjunction with CannaBR, has focused on filing and achieving approvals from the Brazil Health Authority (ANVISA) to distribute and sell bulk CBD products in Brazil and is currently in advanced stages of product stability testing to meet ANVISA's requirements. Further, through the Arrangement, Heritage has established contracts with minimum order quantities agreed to by both parties to deliver CBD products in bulk to CannaBR's large distribution network in Brazil with the option to establish long-term distribution contracts.
CannaBR already holds an import license, and Heritage is currently awaiting final confirmation from Health Canada to receive its export approval for the first test run to satisfy the ANVISA requirements. Upon satisfying product stability testing requirements under ANVISA, in addition to the minimum order contracts currently in place with CannaBR, the Company will commence final negotiations to secure a long-term sales agreement for a 5 year term with a 5 year extension.
"As we continue to develop several international opportunities, the agreement with CannaBR is a pinnacle relationship for Heritage as it extends our international strategy beyond the United States and provides access to the growing Brazilian cannabis market which some project to grow to as much as USD $12 billion by 2028," stated, Clint Sharples, CEO of Heritage. "Our joint efforts with CannaBR bring together Heritage's expertise as a licensed producer and CannaBR's international relationships to provide premium CBD products to the Brazilian market."
About Heritage Cannabis Holdings Corp.
Heritage is a vertically integrated cannabis provider that currently has two Health Canada approved licensed producers, through its subsidiaries Voyage Cannabis Corp. and CannaCure Corp. both regulated under the Cannabis Act Regulations. Working under these two licenses, Heritage has two additional subsidiaries, Purefarma Solutions, which provides extraction services, and a Medical Services Division which is focused on cannabis based medical solutions. In the U.S., Heritage operates under Opticann Inc., a Colorado based oral and topical cannabinoid company with the rights to exclusively sell CBD and CBG products made with the patented VESIsorb® drug delivery system for optimized absorption and stability. As the parent company, Heritage is focused on providing the resources for its subsidiaries to advance their products or services to compete both domestically and internationally.
ON BEHALF OF THE BOARD OF DIRECTORS OF Heritage Cannabis HOLDINGS CORP.
"Clint Sharples"
Clint Sharples
CEO
The Canadian Stock Exchange does not accept responsibility for the adequacy or accuracy of this release.
View source version on businesswire.com: https://www.businesswire.com/news/home/20201215005706/en/
Media: Â
Corey Herscu for Heritage Cannabis
corey@verbfactory.com
Tel: 416-300-3030
Or
Investors: Â
Kelly Castledine
Tel: 647-660-2560
kcastledine@heritagecann.com