Heritage Cannabis Holdings (CANN.C) subsidiary, CannaCure, got in on a binding letter of intent for a three year extraction and finished product supply deal for pharmaceutical products with Brazil-based Entourage Participacoes SA today, according to a press release.
The agreement terms have Heritage running supply for a series of products for Entourage Phytolab, including hemp-derived CBD dominant extract, cannabis-derived THC dominant extract, and hemp-derived CBD 25 mg softgels and cannabis-derived THC dominant 2.5 and 5.0 mg softgels.
“Following on our recent announcement of a bulk CBD product supply agreement in Brazil, we are pleased to be further expanding our reach beyond Canada and the U.S. with our full spectrum, high quality extractions and medical softgel capsules. The Brazilian market for pharmaceutical cannabis and hemp products is in a high growth phase and the Agreement with Entourage Phytolab will facilitate Heritage’s growth in 2021,” said Clint Sharples, CEO of Heritage.
Heritage is a cannabinoid company involved in both the medical and recreational hemp-based and cannabis products and services markets. Their Canadian operations are centered around their subsidiaries, Voyage Cannabis and CannaCure, both of which are fully regulated under the Cannabis Act. Their brands are Purefarma, Pura Vida and Premium 5, and the company focuses on extraction and derivative products for the recreational markets as well as cannabis-based medical solutions.
This particular long term agreement will have CannaCure providing cannabis and hemp products to be used only for pharmaceutical products in compliance with the Brazil Health Authority regulations. These include all GMP certification and GMP compliant products. CannaCure is working on meeting these requirements right now.
The company will continue to supply products for Entourage Phytolab’s product, and research and development needs by February 2021, and extend commercial orders after CannaCure gets their EU GMP certification, which they anticipate will be in the latter half of 2021.
Full disclosure: Heritage Cannabis Holdings is an equity.guru marketing client.