Heritage Cannabis Holdings Corp. CANN HERTF announced Monday that it has inked a commercial agreement with Canopy Growth Corp. CGC for the supply of bulk concentrates, including live resin.
Based in Toronto, the company recently provided the first shipment of live resin to the Canadian cannabis giant. In addition, future purchase orders and shipments are expected to follow.
“I am honoured that Heritage is being recognized by Canopy and was selected as the pre-eminent commercial partner to supply their bulk concentrates,” David Schwede, CEO of Heritage said. “We are excited to launch this relationship as it demonstrates our depth and breadth of experience in cannabis extraction and provides a high gross margin revenue stream to our well-established platform – one that we will continue to grow through a number of additional commercial relationships we are pursuing.”
Heritage Cannabis’ Recent Moves
The company’s latest move comes on the heels of announcing a definitive white label agreement with BRNT Ltd, an Alberta-based brand house and cannabis ancillary company that launched the top-performing dried flower and pre-roll Alberta brand, Violet Tourists. The deal allows Heritage to immediately launch Violet Tourist branded cannabis 2.0 infused pre-roll in Alberta.
In October, the company revealed that its subsidiary Opticann signed supply agreements with two well-established Australian companies for the supply of medical cannabis products.
That move was followed by the signing of a joint venture sales and processing agreement with Noble Growth Corp., a cannabis cultivator focused on creating beneficial strains that contain sought-after CBD, flavonoid and terpene profiles for both recreational and medical usage.
In addition, according to its third-quarter earnings report which was posted last week, the company saw its third consecutive record gross revenue quarter. Heritage’s fourth-quarter revenue is expected to spike between 20-25% above its record third quarter due to continued strong sales growth throughout the period.
HERTF Price Action
Heritage Cannabis’ shares traded 6.83% higher at $0.0641 per share at the time of writing Monday morning.
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