Irwin Naturals Inc announced it has entered into an agreement with The Hive Laboratory LLC, which will license the Irwin Naturals brand and produce branded THC products.
The Hive is a California manufacturer and distributor of cannabis products that was founded in 2017 and has grown to become a key player in the industry.
Irwin CEO Klee Irwin told shareholders that the firm’s intention is to have Irwin Naturals branded THC products on dispensary shelves in most of the country's 38 legal states.
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“We are excited that the first state in which we are executing on our licensing strategy is also the world's largest cannabis market, not to mention being the home of our headquarters – California,” the CEO said in a statement.
"The Hive is a remarkable partner in terms of their reach, experience, capacity and aggressiveness toward growth. In partnership with The Hive, Irwin Naturals is positioned to be one of the first main stream brands to unapologetically endorse and accelerate the main-streaming of THC as we leverage the consumer loyalty of the Irwin legacy."
The Hive owner Damien Perillo added that the California company is excited about working with Irwin and “honored” to be a part of the deal.
“The industry and its consumers have been waiting years to see which mainstream brand name would be one of the first to enter the cannabis space. We wondered if it would be a major beverage company or other CPG giant. Indeed, we're pleased it turned out to be from the family of company's owned by Irwin Naturals - an herbal extract company known for its nutraceutical formulas - Irwin Naturals,” Perillo said.
“As a major brand in big-box, publicly traded retailers, also being sold in in cannabis dispensaries makes this a significant validation for our industry. The Hive is honored to be a part of this."
The agreement was signed through Irwin’s wholly-owned subsidiary Irwin Naturals Cannabis Inc.
Los Angeles-based Irwin Naturals has a growing portfolio of herbal products available in more than 100,000 retail stores across North America, as well as cannabis and psychedelic assets.
Contact Angela at angela@proactiveinvestors.com
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