CannaRoyalty Corp. (CRZ.C) announced last Friday that its strategic partner, Natural Ventures, Puerto Rico’s largest licensed cultivation and manufacturing company, had successfully harvested its first crop and has begun selling cannabis products to licensed medical dispensaries.
According to the news release, the company previously announced its royalty financing with Natural Ventures on December 20, 2016.
During the first quarter of this year, Natural Ventures intends to sell its newly produced CO2 oil in CannaRoyalty’s proprietary Dreamcatcher Labs vape cartridges.
CEO of Natural Ventures, Edgar Montero, commented, “The successful first harvest and sale is a significant milestone for Natural Ventures. With the support of our strategic partner CannaRoyalty, we are well positioned to lead the medical cannabis market in Puerto Rico. In step with our first harvest, we have already started generating revenue with the first bulk sale of US$150,000 of flower and CO2 oil. Additionally, our team has ordered 10,000 of CannaRoyalty’s proprietary Dreamcatcher Labs cartridges and expects similar sales volumes monthly in the short term with a strong pipeline of demand thereafter.”
Mark Lustig, CEO of CannaRoyalty, summed up, “Edgar is building an impressive business in Puerto Rico, which is poised to be a robust medical cannabis market with estimates ranging from 300,000 to 500,000 patients. We look forward to supporting their further growth in Puerto Rico.”
FULL DISCLOSURE: CannaRoyalty is an EQUITY.GURU client.
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