A local hemp and CBD company will supply its cannabinoid-based products to one of Canada’s major pot producers.
LiveWell Canada (CSE:LVWL) announced Friday it has finalized a deal to supply some 300 kilograms per month of CBD extract – the non-psychoactive component of cannabis – to B.C.-based Tilray. Financial terms of the deal were not disclosed.
The deal will see shipments to Tilray begin with 150 kilograms monthly in the second quarter of 2019. By August that amount will rise to the full 300 kilograms with the potential of an additional 200 kilograms per month should Tilray exercise the option.
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The agreement will run until Jan. 31, 2020, at which point it is set to automatically renew on an annual basis unless Tilray were to opt out.
LiveWell CEO David Rendimonti said in a statement that the agreement validates LiveWell’s standing as a high-quality CBD supplier.
The Ottawa-based firm is expected to close an agreement this month that will see LiveWell acquire Canadian grower Vitality CBD Natural Health Products and its U.S. subsidiary in a deal structured as a reverse takeover. LiveWell also acquired a Windsor-based firm last year in a $20-million deal.