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Heritage Cannabis Announces Supply Agreements and First Shipment of Opticann Medical Products to Australia
Rhea-AI Impact
(Neutral)
Rhea-AI Sentiment
(Very Positive)
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Rhea-AI Summary
Heritage Cannabis Holdings Corp. (OTCQX: HERTF) announces its subsidiary Opticann has completed its first shipment of medical cannabis CBD filmstrips worth $60,000 to Australia. This shipment follows two supply agreements with established Australian firms, capitalizing on a market expected to grow over 30% CAGR through 2028, as per Grand View Research. The CBD filmstrips, produced under Canada’s GPP conditions, utilize IntelGenx’s VersaFilm® technology, offering rapid onset and enhanced bioavailability. Heritage aims to strategically expand in Australia while strengthening its Canadian market presence.
Positive
Completed $60,000 shipment of CBD filmstrips to Australia.
Partnership with established Australian companies enhances market entry.
Projected 30% CAGR growth in the Australian medical cannabis market by 2028.
Utilization of IntelGenx's VersaFilm® technology improves product offering.
Negative
None.
Opticann completes shipments of CBD filmstrips formulated with Heritage CBD and manufactured using IntelGenx VersaFilm® technology
TORONTO--(BUSINESS WIRE)--
Heritage Cannabis Holdings Corp. (CSE: CANN) (OTCQX: HERTF) (“Heritage” or the “Company”), is pleased to announce its subsidiary Opticann has signed two supply agreements with two well established Australian companies for the supply of medical cannabis products. The first shipment of medical cannabis CBD/CBDA filmstrips totalling $60,000 was recently completed.
As previously announced, Heritage has a limited exclusive agreement with IntelGenx Corp. (”IntelGenx”) (TSX V:IGX) (OTCQB:IGXT) for CBD filmstrip products based on IntelGenx’s VersaFilm® technology for the Canadian and Australian markets. Pursuant to the Agreement, Heritage supplies CBD raw material for IntelGenx’s filmstrip manufacture and supply in Canada and Australia for Heritage to distribute.
Umar Syed, Heritage’s President of the Medical Division, commented: “Australia is an important and quickly growing medical market, as it is poised to grow at over 30% CAGR between now and 2028 according to Grand View Research. Our Australian distribution partners were carefully selected for their ability to develop the market for CBD products, and to monitor for evolving TGA regulations, including possible S3 classification that enables over-the-counter CBD product distribution. Our proprietary rapidly dissolving sublingual CBD Filmstrips are unique (CB4 Control filmstrips in Canada) in providing medical patients with rapid onset and maximum bioavailability of CBD versus oral products. We are excited to have completed our first shipments to Australia and look to add additional products in the future.”
“As we continue to grow our market and brand distribution in Canada, it is important for us to monitor and act on new markets with a strategic approach in order to capitalize on new market opportunities,” stated David Schwede, CEO of Heritage. “By partnering with these well established companies in Australia, we can leverage their local knowledge and expertise, while minimizing the costs and risks of entering new markets.”
The CBD Filmstrips are produced at IntelGenx’s manufacturing facility under Canadian GPP conditions and will be registered as a product for sale with the Australian Department of Health’s Therapeutic Goods Administration as medicinal cannabis.
About Opticann
Opticann’s suite of CB4 medical cannabis products are based on trusted pharmaceutical technology platforms that are optimized for the effective delivery of cannabinoids – for maximum effect and to minimize unwanted effects.
Opticann proprietary and patent protected products are based on innovative pharmaceutical technology that deliver the best results consistently, safely, and in convenient dosage forms (capsules, sublingual filmstrips, and topicals). These dosage forms are tested and optimized to deliver active ingredients for effective results. Opticann products also contain the highest quality ingredients and are thoroughly quality tested for consistency.
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.
