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Harvest Health & Recreation Inc (OTC:HRVSF) said Tuesday that it signed an agreement to distribute the Colors, CBx Essentials, and Harvest-branded CBD products to more than 10,000 retail locations across the United States.
What Happened
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The partnership calls for Harvest Health & Recreation to supply products to the Asian American Trade Associations Council retailer network. The retail stores where CBD products will be available include convenience stores and gas stations, according to the announcement.
The partnership's provisions includes training for store clerks and associates, as well as an educational campaign and dedicated shelf space.
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Why It's Important
The AATAC is one of the largest trade associations for independent convenience and gas stations in the U.S.; it has 50,000 primary and affiliate members and covers almost 90,000 locations. .
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Its members operate franchises of retailers like 7-11, Circle K, Sunoco LP (NYSE:SUN), Chevron Corporation (NYSE:CVX), 76, BP plc (NYSE:BP), Marathon Oil Corporation (NYSE:MRO) subsidiary Arco, Royal Dutch Shell plc ADR (NYSE: RDS-A), Marathon and others.
The group estimates that its affiliate stores and gas stations could account for between $8 and $10 billion of what the Brightfield Group projects will be a $22-billion U.S. CBD market in 2022.
In this way, the deal will allow Harvest to expand its reach and potentially become one of the leading CBD companies in the U.S.
Since it became legal, CBD has been appeared on the shelves of many retailers, including DSW Inc. (NYSE:DSW), Walgreens Boots Alliance Inc (NASDAQ:WBA) and CVS Health Corp (NYSE:CVS).
What's Next
The products are slated to begin arriving in stores this summer. The partnership could expand to cover 30,000 locations by the end of the year, Harvest said.
Harvest Health shares were down 3.43 percent at $6.24 at the close Tuesday.
Need more cannabis news? Check out all of our coverage here.
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.