This post was originally published on this site
Cannabis manufacturer and distributor WeedMD Inc. (TSX-V: WMD) (OTC: WDDMF), which recently agreed to produce a suite of Mary’s Medicinals’ products, teamed up with Fire & Flower Inc. (TSX: FAF) (OTC: FFLWF) to produce, package and ship its CBD product line.
Under the deal, Fire & Flower’s product offering under the Revity brand name will be available in stores in the province of Saskatchewan by Aug. 14.
The Toronto-based producer and distributor of medical-grade cannabis agreed to manufacture the product line at its extraction hub CX Industries.
In addition, WeedMD said it would utilize its input biomass.
WeedMD’s CEO Angelo Tsebelis said they are “proud” Fire & Flower chose to partner with them.
“With our CX extraction business focused on developing high-grade concentrates from trichome-rich biomass, we anticipate a fruitful and long-term relationship with Fire & Flower,” added Tsebelis.
Fire & Flower CEO Trevor Fencott highlighted that WeedMD has an “excellent reputation of producing quality products and a track record of innovation.”
“Fire & Flower is pleased to launch a wellness-focused brand in the underserved market of regulated CBD products,” continued Fencott.
Meanwhile, both companies have been reporting a substantial revenue increase, despite the COVID-19 recession.
Besides the year-over-year revenue growth of 142%, the Canadian cannabis retailer revealed its sales amounted to CA$18.4 million.
Moreover, Fencott explained that both the “Open Fields Distribution Platform” and “Hifyre Digital Retail and Analytics platform” contribute to the Fire & Flower’s overall results as independent revenue opportunities.
According to its first-quarter earnings report, WeedMD saw its revenue increasing by 327% sequentially and 265% over a year.
© 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.