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Canadian cannabis producer Canopy Growth Corp (NYSE:CGC) has announced the signing of a strategic supply agreement for MediPharm Labs Corp. to supply Canopy Growth with cannabis extract.
What Happened
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The agreement rolled out Thursday covers a time frame of 18 months. MediPharm will provide Canopy Growth and its subsidiaries up to 900 kg of cannabis extract. In addition, Canopy has committed to purchase at least 450 kg, with an option to buy an additional 450 kg.
Why It's Important
The agreement allows Canopy Growth, which has a core cannabis-growing business, to deliver a higher-quality product.
For MediPharm, the supply agreement, in addition to revenue, is also an endorsement from a top Canadian cannabis companies with exports to several countries globally.
"We are thrilled to work with Canopy Growth, the world's leading cannabis producer, to deliver the highest quality cannabis oil concentrates for medical patients and recreational consumers," MediPharm President and CEO Pat McCutcheon said in a statement.
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"This sales agreement serves as a strong endorsement of MediPharm's industry leading extraction-only business model."
The Benzinga Cannabis Capital Conference is the premier gathering of cannabis entrepreneurs and investors in North America. Click here to learn more about the event, which takes place Jan. 15-16 in Miami, Florida.
What's Next
As the cannabis industry matures, companies are finding their operations do not need to be vertically integrated and seed-to-sale in nature. Rather, more companies are emerging that focus on a single piece of the cannabis supply chain.
In turn, this delivers higher quality product, as each company can hone in on a single aspect of the product.
The nationwide legalization of marijuana in Canada is speeding up this process, while in the U.S. many companies are still required to follow a seed-to-sale business model.
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Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.