Dr. Arup Sen reports
SPROUTLY ENTERS INTO LOI WITH CANNAHIVE INC.
Sproutly Canada Inc. has executed a letter of intent to enter into a commercial relationship with CannaHive Inc. The agreement will allow Sproutly to further expand its cannabis 2.0 product offerings produced by the company's wholly owned subsidiary, Toronto Herbal Remedies Inc. (THR).
Sproutly will leverage CannaHive's proprietary manufacturing and packaging equipment and intellectual property to produce cannabis dissolvable powder at THR's licensed facility. This agreement follows closely on the heels of the LOI with Cannabis Manufacturer's Guild Ltd. (CMG). These relationships will provide synergies for the branding, commercialization and distribution of a portfolio of cannabis products through THR's existing agreements with multiple provinces in Canada.
"As we focus on the cannabis 2.0 market in Canada, partnering with CannaHive and CMG will allow us to better utilize our THR operations to produce, package and sell a larger portfolio of products," said Dr. Arup Sen, chief executive officer and director of Sproutly. "CannaHive's proprietary position in manufacturing certain products with established consumer appeal will allow us to leverage our licensed facility to realize additional revenue opportunities that benefit both CannaHive and Sproutly."
About Sproutly Canada Inc.
Sproutly's core objective is to become the leading supplier of unique ingredients and customized formulations to the cannabis beverage and edibles market. Its natural water-soluble Infuz2O and BioNatural oils will deliver revolutionary brands to international markets that are striving to produce a diverse portfolio of differentiated consumer products. Sproutly's business focus is to execute on partnerships with local and globally established consumer brands to leverage their existing customer bases, further expand brand loyalty, assist with marketing and support distribution networks to deliver this scientific breakthrough with speed and efficiency worldwide.
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