The cannabis sales and distribution deals keep arriving on a daily basis in the wake of adult recreational marijuana usage as a supply-hungry industry struggles to keep up with demand.
Ontario-based medical grade cannabis producer WeedMD Inc. (TSX-V: WMD) officially signed a deal with Lifford Cannabis Solutions for distribution at retail sales outlets.
This latest deal follows a roller coaster of news from WeedMD in the months leading up to legalization. The company announced its acquisition by Tokyo Smoke parent company Hiku back in April, but then terminated that agreement in July before it was completed.
WeedMD netted a $10 million termination fee from that cancellation, and subsequently appointed CFO Keith Merker to the position of Chief Executive Officer.
Today’s newly announced retail deal will see WeedMD’s cannabis products brought to the adult use recreational market in both Alberta and British Colombia via Lifford’s retail presence.
WeedMD SVP of Sales and Marketing Brett Moon commented on the new distribution deal in a press release:
“With the onset of legalization, WeedMD’s products are garnering the attention of a discerning and knowledgeable cannabis audience. Lifford has a history of delivering great results in the alcohol beverage category and has developed strong relationships with the provincial distributors as well as key customers.”
Moon further added, “Lifford’s strong foundation, coupled with cannabis advocate Lisa Campbell’s expertise and influence will bring WeedMD tremendous value and additional exposure in western Canada’s cannabis markets – ensuring strategic product placement and nation-wide success.”
Lisa Campbell, CEO of Lifford Cannabis Solutions, also had this to say: “We are confident that WeedMD’s top-shelf cannabis – which is sustainably grown by a team that is deeply rooted in the cannabis community – will be well-suited to consumers in the west. It is an honour to collaborate with the WeedMD team as they continue to grow across Canada.”
WeedMD ramped up production in the months ahead of the Cannabis Act going into effect, adding additional rooms to the company’s main greenhouse in Strathroy, Ontario. An extra 16 grow rooms are slated to come online by the end of December 2018.
In related news of distribution deals, RMMI inked a supply agreement with Namaste subsidiary Cannmart earlier this week, shortly after Organigram Holdings announced a new distribution deal struck with the province of British Columbia.