Cellular Goods PLC (LSE:CBX, FRA:6XS) said it has signed a multi-year manufacture and supply agreement with Chanelle McCoy Health Ltd (CMH) to bring forward the launch of a range of clinically validated ingestible products to the fourth quarter of 2021.
Under the deal, CMH, a developer of high-quality ultra-pure cannabinoid (CBD) products, will initially supply three CBD ingestibles which will go on sale under the Cellular Goods brand in the UK, followed by continental Europe in 2022.
READ: Cellular Goods signs supply agreement ahead of autumn launch of skincare range
Cellular Goods said the agreement marks a “significant step” for its go-to-market strategy and will accelerate its entry into the market for ingestible wellness products by more than a year.
The firm added that key benefits of the deal include an immediate entry into the most developed market segment with early revenue generation opportunity, an expansion of its branded product range into a complementary market segment, access to a range of novel-food regulation-compliant products which are ready for launch, reduced upfront research & development expenditure and the opportunity for future product development and research collaborations through its access to ultra-pure CBD and pharmaceutical expertise.
The new products under the deal will be introduced in mid-December at the same time as Cellular Goods’ inaugural skincare range incorporating cannabigerol (CBG). The firm also said a third line-up of products for the athletic and everyday muscle recovery market are due to be launched in the spring of 2022.
At launch, the ingestible range will comprise a tincture, spray and capsules covering the most popular modes of consumption.
"Chanelle McCoy Health was founded by pharmaceutical industry veterans who share our vision that consumers have a right to expect products which are safe, pure, clean and green; something lab-made cannabinoids alone can guarantee,” Cellular Goods’ chief executive Alexis Abraham said in a statement.
“Through this partnership we will be introducing consumers to novel food compliant CBD ingestibles that will complement our CBG skincare range. As a result we will launch this year with both CBD and CBG and two best in class product ranges; one of which is substantially earlier than we expected," the CEO added.