Heritage Cannabis Holdings Corp (CSE: CANN) announced it had secured a hemp processing agreement, with the resulting product to be destined for export. Heritage’s subsidiary Voyage Cannabis will purchase hemp biomass from Nova Scotia-based Truro Cannabis, and will then process it into crude oil.
Upon completion of extraction and processing, Voyage will sell the product to the parties identified by Truro. The product is expected to be sold both across Canada as well as internationally. The primary target is that of the Caribbean, for which Voyage has already obtained export permits from the Government of Canada. Export quantities were not identified within the release, nor were specific countries.
“This transaction will see a Heritage subsidiary conduct business outside of Canada for the first time in our company’s history, in line with our strategic vision of building a more global platform which will take us into other markets while we continue to grow our Canadian operations.”
Clint Sharples, CEO of Heritage Cannabis
Overall, Truro is expected to provided Heritage Cannabis’ subsisidary with at minimum 700 kg of hemp biomass for initial processing and sale. The total value or quantity of biomass expected under the agreement has not been released by Heritage Cannabis at this point in time.
Information for this analysis was found via Sedar and Heritage Cannabis. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security.
