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Definitive agreement to provide extraction expertise to 3Fifteen and launch Heritage branded products in Missouri
First agreement under the partnership with Merida Capital Holdings to enter multiple, high growth U.S. cannabis markets
Heritage Cannabis Holdings Corp. (CSE: CANN) (OTCQX: HERTF) ("Heritage" or the "Company"), is pleased to announce a five-year partnership with Como Health LLC, doing business as 3Fifteen Primo Cannabis ("3Fifteen"), a rapidly growing cannabis company with five dispensary licenses of which two are in operation and three are in construction phase. 3Fifteen holds one of only 11 manufacturing licenses approved to operate in the state of Missouri, and will contribute the use of the license to the partnership allowing Heritage to produce branded products to be offered to medical cannabis consumers in Missouri.
Under the agreement, Heritage will supply production equipment to 3Fifteen, as well as provide training and supervision of staff on the proprietary methods of extraction and oil production developed by Heritage. The partnership will grant shelf minimums for Heritage’s branded products in 3Fifteen’s Missouri dispensaries which are projected to grow to over USD$21 million in gross revenue by 2022.
Missouri saw its first legalized medical sales in October 2020 and the market has already grown to 80 operating dispensaries that reached nearly USD$32 million in the first six months of sales. Total sales in Missouri are expected to grow to USD $650 million by 2024.
"With strong market growth projected in Missouri, we believe this is the right time to enter the U.S. and with a strategic partner like 3Fifteen, we are creating a blueprint we can use to continue our state-by-state expansion," stated David Schwede, President of Heritage’s Recreational Cannabis. "With our extraction expertise and inspired branding capabilities, along with 3Fifteen’s impressive market penetration, we expect Heritage’s branded offerings to be in high demand."
"3Fifteen Primo Cannabis is thrilled to partner with Heritage and to bring their extraction expertise and expansive brand catalog to our Missouri market," says Jason Corrado, CEO of 3Fifteen. "I can't wait to see these products in dispensary show cases across the ‘Show Me’ state."
Today’s announcement is the first definitive agreement signed by Heritage as part of the previously announced expanded relationship with Merida Capital Holdings to enter multiple U.S. cannabis markets. "Our strategy will continue to focus on new high growth markets in partnership with established teams and low barriers to entry," Schwede continued. "Heritage will continue to add new markets in a purposeful and capital efficient way with a focus on creating value for our shareholders."
Follow Heritage’s Purefarma, Pura Vida, RAD, Premium 5, and feelgood. brands on Instagram and Facebook for more information.
About Heritage Cannabis Holdings Corp.
Heritage is a leading cannabis products company operating two licensed manufacturing facilities in Canada and offering innovative products to both the medical and recreational legal cannabis markets in Canada and US. The company has an extensive portfolio of high quality cannabis products under the brands Purefarma, Pura Vida, RAD, Premium 5, feelgood. and ArthroCBD.
ON BEHALF OF THE BOARD OF DIRECTORS OF HERITAGE CANNABIS HOLDINGS CORP.
The Canadian Securities Exchange does not accept responsibility for the adequacy or accuracy of this release.
View source version on businesswire.com: https://www.businesswire.com/news/home/20210504005723/en/
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