Irwin Naturals Inc. (CSE:IWIN) said it has formed a wholly-owned unit, Irwin Naturals Cannabis, in order to enter into the United States and Canadian recreational cannabis markets for adult use.
The firm intends to enter the North American cannabis industry by licensing its household brand name to licensed third parties that manufacture products containing tetrahydrocannabinol (THC).
Details of the Irwin Naturals Cannabis product lineup and the timing of the launch will be released in due course. However, the company is planning the overall launch of Irwin Naturals Cannabis to the continental cannabis market in late 2021 or early 2022.
Read: Irwin Naturals begins trading on the Canadian Securities Exchange under the ticker “IWIN”
"Consumers have trusted our high-quality nutraceutical products for over 27 years. We plan to move quickly in order to become the first national household brand to appear on the label of products containing THC. Nearly 100 million people know the Irwin Naturals brand. So, we will strive for the Irwin Naturals Cannabis brand to be like a familiar face for the wide range of new-to-cannabis shoppers across North America," Klee Irwin, the company's chairman and chief executive officer said in a statement.
"Along with the brand, we will apply the company's rigorous scientific practices and quality control standards to the new partners that we expect to be working with across the industry, so that even the most sophisticated cannabis users will appreciate the purity and potency that results," he added.
Also preparing entry into psychedelic mental health industry
In a separate statement, Irwin Naturals also said it has created another wholly-owned unit, Irwin Naturals Emergence, in preparation for its entry into the psychedelic mental health industry.
The firm plans to offer ketamine-assisted psychedelic treatments to patients suffering from mental health issues and other ailments in Irwin Naturals Emergence clinics across the US, until the more widespread legality of psilocybin and other psychedelic drugs occurs. Irwin expects to begin opening its Irwin Naturals Emergence clinics as early as the end of 2021 or the beginning of 2022.
"With North America suffering from an unprecedented mental health crisis, we are gearing up to move aggressively toward delivering relief to many people. Leveraging the Irwin Naturals brand will bring comfort to people interested in how the psychedelic mental health revolution can help them or their loved ones, similar to seeing a trusted and familiar friend in an unfamiliar new environment." Irwin Naturals' chief financial officer, Philippe Faraut said in the statement.
The overall launch is expected late in 2021 or early 2022 and details will be released in due course.
Additionally, the company recently engaged Calgary-based Meadowbank Strategic Partners Inc. to provide investor relations, capital markets and corporate development advisory services for an initial term of six months.