WeedMD Inc (OTCMKTS:WDDMF) entered a pact to produce Revity cannabidiol products for Fire & Flower Stores.
As per the terms of the agreement, the company will manufacture these products at its CX Industries, a state of the art extraction center, and ship Fire & Flower stores located in Saskatchewan.
New opportunities for WeedMD
CEO of WeedMD, Angelo Tsebelis, said the company is excited to partner with Fire & Flower to manufacture Revity CBD products. It will open additional opportunities for WeedMD because Fire & Flower intends to enter new markets and introduce innovative product formats.
WeedMD expects to maintain a long term relationship with Fire & Flower because the extraction business of its CX Industries focuses on developing premium quality concentrates using trichome-rich biomass.
CEO of Fire & Flower, Trevor Fencott, said the company is excited to introduce its brand focused on wellness benefits to satisfy the demand in the underserved market of well-regulated cannabidiol products. He further said the company plans to cash the reputation of WeedMD in producing high-quality products. After the launch of the Revity brand in Saskatchewan, Fire & Flower intends to expand across the nation.
Enters an exclusive licensing pact
WeedMD entered a license, distribution, and manufacturing agreement with MM Technology Holdings, LLC. Under the agreed terms, the company will produce Mary’s medicinal products at its CX Industries extraction hub. It will also engage in the marketing and distribution of Mary’s Medicinal Products for adult-use across Canada. The company will also embrace direct consumer medical channels because it plans to serve the unaddressed medical and wellness markets. Mary’s product line comprises transdermal patches, gels, and topicals.
CEO of Mary’s Brands, Jacques Panis, said the company is excited to enter into an alliance with WeedMD and the extraction team at CX Industries because it embarks on expanding its Medicinals brand into Canada.
WeedMD reported a stellar sequential growth of 327% to $12.2 million in Q2 2020 compared to $2.9 million in Q4 2019. On an annual basis, the company posted a robust growth of 265%. Angelo said the company posted better results because of improved availability of products, enhanced brand recognition, and increased customer base efforts.