Heritage Cannabis (CANN.C) has been granted an export license by Health Canada. The license will permit the Company to export cannabis products to Brazil marking the first-ever license granting the export of CBD products from Canada to Brazil.
“We are very pleased to be the first cannabis company in Canada to be granted an export license for Brazil by Health Canada,” stated…our work with CannaBR is the second extension of the Company beyond the Canadian and U.S. markets, and with the Brazilian market projected to grow dynamically over the next five to seven years, we are poised to take advantage of the many opportunities in the premium CBD product space,” Clint Sharples, CEO of Heritage
This is a monumental accomplishment for Heritage Cannabis that could potentially give the Company an edge over its Canadian competitors. As of August 2020 there were 20,000 registered medical cannabis patients in Brazil. However, patients were importing CBD products from U.S. companies such as Charlotte’s Web. With this in mind, Heritage Cannabis is now the first Canadian cannabis company with a foot in the Brazilian medicinal cannabis market.
In December 2020, Heritage Cannabis entered into an arrangement with CannaBR, a Brazilian focused pharmaceutical CBD product importation and distribution company. The arrangement was centered around the distribution and bulk sale of formulated CBD products to the Brazilian cannabis market. Additionally, the arrangement calls for minimum order quantities to be delivered to CannaBR’s distribution network in Brazil with the option of establishing long-term distribution contracts.
Through its partnership in Brazil, CannaBR already possesses an import license. With all the necessary pieces in play, Heritage Cannabis can finally get the ball rolling having successfully obtained an export license from Health Canada. The Company is currently in advanced stages of product testing in order to meet ANVISA, a Brazilian regulatory agency, requirements. Heritage Cannabis expects to begin shipping its products to Brazil within the week.
Heritage Cannabis’ ambitions are set high and for good reason. Having recently announced its achievement of $1 million in weekly revenue, the Company has demonstrated a recognizable presence in the Canadian cannabis market. Heritage Cannabis now has its eyes set on international markets like Brazil. Although Cannabis legislation in Brazil remains strict, there is still a demographic of medical cannabis patients for Heritage Cannabis to work with in providing quality CBD products.
Heritage Cannabis’ stock price opened at $0.145 and reached a high of $0.15. The stock’s price returned and continues to sit at $0.145.
Disclaimer: Heritage Cannabis is a client of Equity Guru.