INDVR Brands Inc (CSE:IDVR) (OTCMKTS:CAAOF) (FRA:3YX) announced it has signed a Letter of Intent (LOI) with BevCanna Enterprises Inc (CSE:BEV) (QTCQB:BVNNF) (FRA:7BC), in which BevCanna will produce and distribute certain HONU THC-infused edible products to retail locations across Canada.
INDVR said the partnership marks the company’s first move into the Canadian cannabis market, as well as its first international expansion.
"With the THC infused product segment making up a growing percentage of the cannabis consumed in Canada, now is the ideal time to introduce our HONU brand into an edibles market estimated at approximately $1.6 billion annually," INDVR Brands CEO Joshua Mann said in a statement.
READ: INDVR Brands is building a premium house of cannabis brands
Mann added: "Our dedication to product quality and consistency is our defining factor in producing some of the most trusted products in Washington and Oregon states, and we are excited to start building the same brand-loyal following across Canada."
INDVR noted that BevCanna will assist in accessing manufacturing, sales and distribution for certain INDVR and HONU products in Canada, including the new product lines being integrated through the Strainz acquisition.
As well, INDVR will assist BevCanna with the distribution of certain BevCanna products in the US through INDVR's established channels, which includes providing BevCanna with distribution metrics on the various channels available in certain States, dispensaries, and expected sales volumes to help with its product's overall success in the US.
INDVR Brands, formerly known as Cannabis One Holdings, is a Colorado-based, Canada-listed company focused on the creation and distribution of unique and exciting brands in the legal US cannabis market.
Since August 2020, through new corporate objectives set out by the new board and management team, INDVR said it has become focused on growing its infused product brands and using those brands to expand its distribution reach to over 1,000 dispensaries across Washington, Oregon and Colorado.
Contact Sean at sean@proactiveinvestors.com