Medical cannabis company WeedMD Inc. WMD WDDMF, which recently revealed a 327% increase in revenue, closed a deal with MM Technology Holdings LLC, the owner of Mary's Brands.
Pursuant to the agreement, WeedMD opted to produce a suite of Mary's Medicinals' products, including transdermal gels and patches, as well as topicals.
The Toronto-based company confirmed it would utilize its input biomass and its extraction hub CX Industries.
The execution of the deal is expected later this year, the Wednesday press release said.
WeedMD also agreed to market, sell, and distribute Mary's Medicinals' products within Canada.
The company targets provincial adult-use and direct-to-consumer medical as well as wellness markets.
Mary's CEO Jacques Panis said they are excited to team up with WeedMD and its CX extraction team "that brings unparalleled expertise in cultivation and extraction" aiming to "capture unique next-level distribution channels."
Angelo Tsebelis, WeedMD's CEO, stated they are proud that Mary's selected it as an exclusive Canadian producer and distributor.
Tsebelis added he is satisfied to develop Mary's "renowned products in-house."
Mary's Brands recently partnered with PetSmart stores earlier this year to promote Mary's Tails CBD pet line, increasing its footprint in Colorado, Indiana, Oregon, Tennessee, and Kentucky.
Courtesy photo
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
Cannabis rescheduling seems to be right around the corner
Want to understand what this means for the future of the industry? Hear directly for top executives, investors and policymakers at the 19th Benzinga Cannabis Capital Conference, coming to Chicago this Oct. 8-9. Get your tickets now before prices surge by following this link.