Heritage Cannabis Holdings Corp (OTCMKTS:HERTF) has announced the signing of an agreement with Brazilian focused CBD product distribution company, CannaBR Exports Corp for the sale and distribution of bulk CBD products in Brazil.
Heritage partners with CannaBR bringing CBD products to Brazil
Following the arrangement, Heritage, in collaboration with CannaBR, has its attention on filing and getting approval from the Brazilian Health Authority (ANVISA) to sell and distribute bulk CBD products in the Brazilian market. Currently, the company is in advanced stages for testing product stability as per ANVISA’s standards. Also, through the arrangement, Heritage has created contracts with minimum product order quantities as per the agreement to deliver bulk CBD products to CannaBR’s large distribution network in Brazil.
Interestingly, CannaBR already has an import license with Heritage also awaiting final Health Canada confirmation for export approvals for its first test run to meet ANVISA’s requirements. After the company has meet product stability testing requirements as spelled by ANVISA, plus the minimum order contracts already in place with cannaBR, Heritage will start the final discussion for a long-term sales agreement with a possibility of a 5-year term and an extension of five years.
Heritage to leverage opportunities in the Brazilian market
Clint Sharples, Heritage’s CEO, said that the company continues to create several opportunities internationally. The agreement with CannaBR is a massive milestone for the company as it expands its international strategy beyond the US. Sharples stated that the arrangement will enable the company to provide access to the burgeoning cannabis market in Brazil which analysts estimate will be worth $12 billion by 2028. He also added that the joint effort with CannaBR combines Heritage’s expertise as a leading licensed cannabis producer with CannaBR’s global relations to offer high-quality CBD products in the Brazilian cannabis market.
Currently, Heritage holds two Health Canada production licenses through CannaCure Corp and Voyage Cannabis Corp. The company has operations in the US through Opticann Inc. which sells CBG and CBD products produced through the VESIsorb® drug delivery system.