Denver-based Praetorian Global, the parent company of cannabis brand Binske, teamed up Thursday with Michigan’s licensed cannabis producer Six Labs and signed a $55-million licensing agreement to launch a line of products in August.
The companies expect to roll out the complete collection of award-winning cannabis products in Michigan by the end of the year. Binske’s product portfolio includes more than 100 SKUs of flower, extracts, edibles and vape categories.
The landmark deal will expand the brand’s outreach into Michigan, where the booming adult-use market is projected to exceed $1 billion in sales in 2022 and more than $3 billion by 2024. Binske now reaches more than 100 million consumers in the U.S. and, with the new agreement in place, intends to further increase its distribution network.
This is Praetorian Global’s 18th licensing deal, with others expected in the coming months.
"As new markets emerge, we feel it is our duty and responsibility to define the cannabis experience for first-time consumers with our sophisticated brand and best-in-class product offering," said Jacob Pasternak, Praetorian Global's founder, chairman and CEO. "We have put significant time and resources into developing a nucleus of consumer patronage through North America and will now strategically take that same level of dedication towards consumer experience to the Michigan market. The Great Lakes State is in for a real treat."
Joe Ori, co-founder and general counsel at Six Labs said his company is involved in the production of high-quality cannabis products and is pleased that Binske is operating in the same league.
"This is the largest partnership of its kind for Six Labs, as we continue our mission to build an expansive portfolio of products tailored for every lifestyle. We're thrilled to have Binske as our partner," Ori said.
Alex Pasternack, executive vice president at Binske added: "Our team has been nothing short of impressed by Six Labs' sophistication and professionalism leading up to this landmark distribution deal, and we're proud to align ourselves with one of the most well-respected operators in Michigan."
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