Irwin Naturals Inc. (CSE:IWIN) said it has entered into a license and supply agreement with New Mexico-based manufacturer and distributor of cannabis products, Assurance Laboratories, LLC for its Irwin Naturals brand.
Through the agreement, Assurance will license the Irwin Naturals brand, and will produce and distribute Irwin Naturals' famous formulas such as Power to Sleep, augmented with THC, the company said.
"This is our second licensing deal in less than a month. With this new partnership in a second state, we are executing towards our objective of having Irwin Naturals branded THC products on dispensary shelves in most of the country's 38 legal states,” Irwin CEO Klee Irwin said in a statement.
READ: Irwin Naturals posts record results for 2021 as core business continues to grow
Irwin said the timing of the agreement is fortuitous as New Mexico only last month legalized cannabis recreationally, which will significantly increase the company’s market opportunity.
"The reason we chose Assurance is for their scale, operational excellence and focus on growth. Irwin Naturals is positioned to become one of the first household brands to unapologetically endorse and accelerate the mainstreaming of THC as we leverage the consumer loyalty of the Irwin legacy,” he said.
New Mexico is the first state to pass legislation to permit certain forms of medical cannabis use in 1978, followed by legalization and sales for adult use on April 1, 2021. Irwin noted that combined sales for adult use and medical cannabis in New Mexico approached $40 million for the month of April.
John E. Mancini, the owner of Assurance, said: "Having a household name brand that is recognized by nearly 100 million people in North America is a game changer for us. We are delighted to have been selected by Irwin Naturals as their partner, and we look forward to bringing their highly trusted brand to the people of New Mexico."
Irwin Naturals has been a household name and best-in-class herbal supplement formulator since 1994. Its growing portfolio of products is available in more than 100,000 retail doors across North America, where nearly 100 million people know the Irwin Naturals brand. It is now leveraging its brand to enter into both the cannabis and psychedelic industries.
Contact the author at jon.hopkins@proactiveinvestors.com