Cannabis infusion technology innovator Cannabis Global Inc. (OTCMKTS: MCTC) announced Tuesday it has signed a five-year deal with Magnolia Extracts LLC to produce cannabis-derived goods, including edibles and beverages.
The Los Angeles-based cannabinoid company, which owns the brand "Hemp You Can Feel," is set to share with Magnolia its patent-pending infusion technologies used in the production of edibles and beverages with tetrahydrocannabinol (THC).
"We will be working closely with Magnolia and look forward to a rapid path to market for these innovative products. We have strong reason to believe we will see a relatively quick expansion in distribution footprint given the prepotency of demand we are seeing among potential distribution partners already," said Cannabis Global CEO Arman Tabatabaei in a statement.
The deal comes as market research firm ArcView projects that the cannabis edibles and beverages market will reach $4.1 billion in the U.S over the next year.
The COVID-19 pandemic only sparked the sales of cannabis products, resulting in increased demand for edible cannabis products.
Cannabis Global's operations will continue revolving around hemp extraction and product manufacturing covering all areas under the Hemp You Can Feel brand name.
"We are also seeing a significant number of avenues for deployment of our chemical-free infusion products within both the regulated THC portion of the business and within the market for hemp-based infusions," Tabatabaei said.
Last month, the company announced the launching of the new line of the industry's first THC-V tea and coffee products.
Around that time, Cannabis Global partnered with Sugarmade Inc.'s SGMD BudCars Cannabis Delivery Services. The deal enabled BudCars to use the company's original cannabinoid infusion procedures production of bioavailable cannabis edibles.
Related Links:
Cannabis Global Signs Partners With Sugarmade's BudCars Delivery Service
Sugarmade to Expand BudCars into Los Angeles Market
Photo courtesy of Hemp You Can Feel
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