Sproutly Canada (SPR.C) and CannaHive entered into a commercial relationship today, giving Sproutly the opportunity to expand its cannabis 2.0 offerings produced by the company’s subsidiary, Toronto Herbal Remedies (THR), according to a press release.
The company intends on using CannaHive’s manufacturing and packaging equipment and intellectual property to produce their cannabis dissolvable powder product at THR’s facility.
“As we focus on the Cannabis 2.0 market in Canada, partnering with CannaHive and CMG will allow us to better utilize our THR operations to produce, package, and sell a larger portfolio of products. CannaHive’s proprietary position in manufacturing certain products with established consumer appeal will allow us to leverage our licensed facility to realize additional revenue opportunities that benefit both CannaHive and Sproutly,” said Dr. Arup Sen, chief executive officer and director of Sproutly.
Sproutly makes cannabis beverages and edibles. They have a water-soluble product called Infuz2O and BioNatural Oils that they contend will deliver brands to international markets, and they’re striving to produce a diverse portfolio of consumer products. Their focus right now is on building partnerships with both local and globally established brands to use their existing customer bases to develop brand loyalty, help with marketing, and support distribution networks.
This relationship will provide connection opportunities for the branding, commercialization and distribution of a line of products through THR’s agreements with multiple Canadian provinces.
Even though Sproutly is technically up 11% today, that’s only a fraction of a penny. This company has been hovering in the $0.045 and $0.05 range since October, with today’s price being the lesser of the two.