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Heritage Cannabis Announces a Two-Year Definitive Agreement with Leading Alberta Brand, Violet Tourist
Rhea-AI Impact
(Moderate)
Rhea-AI Sentiment
(Very Positive)
Tags
Rhea-AI Summary
Heritage Cannabis Holdings Corp. (CSE: CANN, OTCQX: HERTF) has announced a definitive white label agreement with BRNT Ltd. to launch Violet Tourist branded cannabis 2.0 infused pre-rolls in Alberta, aiming for nationwide distribution. The agreement gives Heritage control over procurement and supply chain, facilitating expansion into cannabis 1.0 formats. Violet Tourist has already generated over $2.5 million in wholesale revenue since its December 2020 launch and ranked as the #4 pre-roll brand in Alberta as of August 2021. This partnership reinforces Heritage's commitment to the growing cannabis market in Canada.
Positive
Partnership with BRNT allows immediate launch of Violet Tourist cannabis 2.0 infused pre-rolls.
Heritage gains exclusive cannabis 2.0 rights to Violet Tourist without cash outlay or issuing shares.
$2.5 million in wholesale revenue achieved by Violet Tourist since December 2020 launch.
Violet Tourist ranked #4 in Alberta's pre-roll segment with 4% market share.
Negative
None.
The partnership represents Heritage’s further commitment to penetrating the dried flower, pre-roll and infused pre-roll segments in Canada.
TORONTO--(BUSINESS WIRE)--
Heritage Cannabis Holdings Corp. (CSE: CANN) (OTCQX: HERTF) (“Heritage of the “Company”), is pleased to announce it has signed a definitive white label agreement (the “Agreement”) with BRNT Ltd. (“BRNT”), an Alberta based brand house and cannabis ancillary company that launched the top performing dried flower and pre-roll Alberta brand, Violet Tourist.
Under the Agreement, the Company will work with BRNT to immediately launch Violet Tourist branded cannabis 2.0 infused pre-roll in Alberta. Over the course of the agreement, Heritage will aim to expand distribution of the brand across Canada and further add to its associated SKU listings in both the cannabis 1.0 and 2.0 segments. Terms of the agreement provide Heritage with control of procurement & supply chain and effectively grants Heritage rights to fully operate the proven Alberta brand.
BRNT and Heritage are also exploring a commercial agreement to launch a RAD and Pura Vida branded Hexagon bong, which will be available to consumers in both Canada and the United States. BRNT’s patent protected ceramic Hexagon bong was recently featured in Rolling Stone magazine as one of its Best Bongs of 2021.
BRNT CEO, Gage Gorda said, “During 2020, BRNT commenced with a process to identify a new partner for our Violet Tourist branded products. We had serious inquiries from numerous LP’s in the Country, including some of the largest, but none came close to the product offering capabilities, speed to market, depth of relationships with provincial buyers and most of all internal culture and leadership than Heritage.”
BRNT launched Violet Tourist branded products in Alberta during December of 2020 and per Headset data, up to the end of September 2021 have generated over $2.5 million of wholesale revenue attributed to the brand. Further Headset data indicated that at the end of August 2021, Violet Tourist was the #4 brand in the Alberta pre-roll segment (a category that commands approx. 26% of the overall cannabis market in Alberta) and held 4% of overall retail sales in the province since its launch in December 2020.
“We are thrilled to have executed this Agreement with BRNT as it provides us with control of a brand in Alberta that has proven its ability to capture market in Canada’s second largest market by revenue. Without a cash outlay or issuance of Heritage shares, we secure exclusive cannabis 2.0 rights to Violet Tourist branded products in Alberta and retain control to expand distribution of the brand across the Country and into cannabis 1.0 formats over the duration of the Agreement,” said David Schwede, CEO of Heritage.
About BRNT
BRNT is an Edmonton, AB based private business providing brand, sales, marketing, and distribution solutions to the Canadian cannabis industry. Through a contract with an Alberta based licensed product, BRNT has launched several dried flower and pre-roll formats in the Alberta recreational market under the Violet Tourist brand. Further, through BRNT Designs, BRNT's proprietary accessory line, the company utilizes e-commerce and wholesale to sell and distribute its' cannabis accessories including the top selling, Hexagon bong, throughout North America & Europe. BRNT can be found at www.brntgroup.com, www.violettourist.xyz, on Instagram at https://www.instagram.com/brntdesigns/?hl=en
About Heritage
Heritage Cannabis is a leading cannabis company offering innovative products to both the medical and recreational legal cannabis markets in Canada and the U.S., operating under two licensed manufacturing facilities in Canada. The company has an extensive portfolio of high-quality cannabis products under the brands Purefarma, Pura Vida, RAD, Premium 5, feelgood, CB4 suite of medical products in Canada and ArthroCBD in the US.
ON BEHALF OF THE BOARD OF DIRECTORS OF HERITAGE CANNABIS HOLDINGS CORP.
“David Schwede”
David Schwede CEO
The Canadian Securities Exchange does not accept responsibility for the adequacy or accuracy of this release.
What is the white label agreement between Heritage Cannabis and BRNT Ltd. involving stock symbol HERTF?
Heritage Cannabis has signed a white label agreement with BRNT Ltd., allowing them to launch Violet Tourist branded cannabis 2.0 infused pre-rolls in Alberta and expand distribution across Canada.
How much revenue has Violet Tourist generated since its launch related to HERTF?
Violet Tourist has generated over $2.5 million in wholesale revenue since its launch in December 2020.
What market position does Violet Tourist hold in Alberta's pre-roll segment relevant to HERTF?
As of August 2021, Violet Tourist ranked #4 in Alberta's pre-roll segment, capturing 4% of the overall retail sales.
What are the expected benefits of the partnership for Heritage Cannabis shareholders under HERTF?
The partnership provides Heritage control over a proven brand, enabling expansion into the cannabis market without additional financial strain.
