While the booming CBD industry in the U.S. is divvied up between early moving hemp producers, Canadian companies with experience in the cannabis market are also looking towards Europe for potential growth.
This morning The Supreme Cannabis Company, Inc. (TSX: FIRE; OTCQX: SPRWF; FRA: 53S1) announced the spin-off of new company Supreme Heights, which will focus on investment in European CBD and wellness entities.
Patrick Morton, co-founder of Cannabis Invest UK, will serve as the Supreme Heights CEO and work in conjunction with Supreme Cannabis’s existing framework of regulatory knowledge, marketing experience, and overall supply chain.
Supreme’s Chief Executive Officer Navdeep Dhaliwal, who will also serve as chairman for Supreme Heights, commented on the new company spin off:
In addition to impending international investments and acquisitions through Supreme Heights, back on the Canadian side Supreme Cannabis is gearing up for the release of finalized Health Canada regulations for topical, edible, and extract products.
Health Canada notified licensed producers last week about changes to the regulations for those impending new product types, which are expected to go into effect on Oct. 17 — just shy of the one-year anniversary of dried flower cannabis becoming legalized.
Legal edible and vape products won’t actually hit retail shelves or digital checkout baskets on that date, however, as product notifications must still be submitted to Health Canada.
Supreme is projecting that the first new products in those categories will be available in mid-December. For upcoming vaporizer products, Supreme Cannabis was one of four Canadian licensed producers selected for a partnership with PAX Labs.
That partnership will take place through Supreme subsidiary 7Acres. Under the terms of the deal, 7Acres-branded cannabis oil pods will be released for the PAX Era vaporizer pen. The deal also allows Supreme to produce Era-compatible pods under different brands, and release them coast to coast.