Heritage Cannabis Signs Commercial Agreement With Canopy Growth Corp. and Completes First Shipment of Bulk Live Resin

Rhea-AI Summary

Heritage Cannabis Holdings Corp. (CSE: CANN) (OTCQX: HERTF) has announced a commercial agreement with Canopy Growth Corp. for the supply of bulk concentrates, including live resin. The initial shipment has been completed, with future orders anticipated. Canopy chose Heritage due to its product quality and industry expertise, enabling them to enhance their market presence. CEO David Schwede highlighted the partnership as a recognition of Heritage's capabilities and a means to generate high gross margin revenue. Heritage operates two licensed facilities in Canada and offers a range of cannabis products.

Positive

• Signed a commercial agreement with Canopy Growth for bulk concentrates.
• Initial shipment of live resin already completed.
• Canopy selected Heritage for product quality and industry expertise.
• Partnership expected to generate high gross margin revenue.

Negative

• None.

Heritage continues to grow through multiple high gross margin revenue streams using proven product innovation and expertise

TORONTO--(BUSINESS WIRE)-- Heritage Cannabis Holdings Corp. (CSE: CANN) (OTCQX: HERTF) (“Heritage” or the “Company”), is pleased to announce it has signed a commercial agreement with Canopy Growth Corp. (“Canopy”) for the supply of bulk concentrates, including live resin. The Company recently provided the first shipment of live resin to Canopy, with future purchase orders and shipments to follow.

Canopy, a Canadian leader when it comes to revenue and market share in the cannabis space, has engaged Heritage for bulk concentrate supply. Canopy chose Heritage based on its product quality, consistency, industry proven technology and innovation, and the ability to execute on pace with Canopy’s growth. The Heritage platform and second-to-none execution provides speed-to-market that Canopy can leverage to continue their positive momentum.

“I am honoured that Heritage is being recognized by Canopy and was selected as the pre-eminent commercial partner to supply their bulk concentrates,” said David Schwede, CEO of Heritage. “We are excited to launch this relationship as it demonstrates our depth and breadth of experience in cannabis extraction and provides a high gross margin revenue stream to our well-established platform – one that we will continue to grow through a number of additional commercial relationships we are pursuing.”

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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20211115005226/en/

Kelly Castledine

Tel: 647-660-2560

Source: Heritage Cannabis Holdings Corp.

FAQ

What is the significance of the agreement between Heritage and Canopy Growth?

The agreement allows Heritage to supply bulk concentrates to Canopy Growth, enhancing its revenue potential and market presence.

How has Heritage Cannabis performed in the cannabis market?

Heritage Cannabis is recognized for its innovative products and has a broad portfolio serving both medical and recreational cannabis markets in Canada and the U.S.

What is the stock symbol for Heritage Cannabis?

The stock symbol for Heritage Cannabis is HERTF.

When did Heritage Cannabis announce the shipment to Canopy Growth?

Heritage Cannabis announced the first shipment of live resin to Canopy Growth in the recent press release.

How does this deal impact Heritage's financial performance?

The partnership is expected to provide a high gross margin revenue stream, enhancing Heritage's financial performance.