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Heritage Cannabis Expands Entry to the U.S. Cannabis Market in West Virginia Through Relationship with Harvest Care Medical, LLC
Rhea-AI Impact
(Neutral)
Rhea-AI Sentiment
(Very Positive)
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Rhea-AI Summary
Heritage Cannabis Holdings Corp. (CSE: CANN, OTCQX: HERTF) has formed a partnership with Harvest Care Medical, LLC in West Virginia to supply extraction expertise and launch Heritage branded products. Harvest Care, an established leader with ten dispensary licenses, will utilize its cultivation license to enhance Heritage's production capabilities. The agreement includes installation of production equipment, expected to be operational by September. The West Virginia medical cannabis market is projected to reach USD $40 million by 2025, presenting significant growth opportunities for Heritage.
Positive
Partnership with Harvest Care enhances production capabilities and market presence in West Virginia.
Projected growth of West Virginia's medical cannabis market to USD $40 million by 2025 provides substantial revenue opportunities.
Negative
Challenges in the current regulatory environment may continue to affect cash flow.
Definitive agreement to provide extraction expertise to Harvest Care and launch Heritage branded products in West Virginia
TORONTO--(BUSINESS WIRE)--
Heritage Cannabis Holdings Corp. (CSE: CANN) (OTCQX: HERTF) (“Heritage” or the “Company”), is pleased to announce a relationship with Harvest Care Medical, LLC, (“Harvest Care”), a leading grower, processor, and provider of top-quality medical cannabis products in the state of West Virginia, with ten dispensary licenses of which two are currently in operation. Harvest Care was granted one of ten cultivation licenses last year and will contribute the use of the license to the relationship, allowing Heritage to produce branded products to be offered to medical cannabis consumers in West Virginia.
Similar to Heritage’s relationship in Missouri, under the agreement Heritage will supply production equipment to Harvest Care as well as provide training and supervision of staff on the proprietary methods of extraction and manufacturing of Heritage developed and branded products. The relationship will provide favourable shelf allocation for Heritage’s branded products in Harvest Care’s West Virginia dispensaries. The production equipment is currently being installed at Harvest Care’s facility and is expected to be operational by September.
West Virginia’s Medical Cannabis Act was signed into law in 2017 and the state saw its first legalized medical sales in the fall of 2021. Total sales in West Virginia are expected to grow to USD $40 million by 20251.
“We are very pleased to have inked this deal with Harvest Care, one of the established leaders in the state of West Virginia and the right partner for Heritage to expand in the U.S. in an asset light, capital efficient way,” said David Schwede, CEO of Heritage. “We continue to grow our revenue channels and diversify Heritage to extend beyond a market that has been dampened by this challenging regulatory environment that has seen far reaching impacts on cash flow in the space. We believe that in an early-stage, lower competition market like West Virginia, we can successfully bring Heritage’s branded offerings to this growing market and see vast upside potential in our expansion strategy and its positive impact on profitability.”
About Heritage Cannabis Holdings Corp.
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., the CB4 suite of medical products in Canada and ArthroCBD in the U.S.
ON BEHALF OF THE BOARD OF DIRECTORS OF HERITAGE CANNABIS HOLDINGS CORP.
“David Schwede”
David Schwede, CEO
The Canadian Securities Exchange has neither approved nor disapproved the contents of this news release.
What is the significance of the partnership between Heritage Cannabis and Harvest Care in West Virginia?
The partnership allows Heritage to enhance its production capabilities and market presence in West Virginia's growing medical cannabis market.
What are the expected benefits of Heritage Cannabis's agreement with Harvest Care?
Heritage will provide extraction expertise and branded products, tapping into a projected market worth USD $40 million by 2025.
What market growth is anticipated for medical cannabis in West Virginia?
West Virginia's medical cannabis market is expected to grow to USD $40 million by 2025, indicating strong revenue potential for companies like Heritage.
What equipment is Heritage Cannabis providing to Harvest Care?
Heritage is supplying production equipment for extraction and manufacturing of its branded products, enhancing Harvest Care's capabilities.
When will the production equipment installed by Heritage Cannabis be operational?
The production equipment is expected to be operational by September.
