Cannex subsidiary launches new edibles brand
Cannex Capital Holdings Inc.'s wholly owned American subsidiary, BrightLeaf Development LLC, has developed and commercially launched a new edibles brand, Hi-Burst, to strong initial reviews and excellent retail demand.The new Hi-Burst brand is an infused fruit chew offered in a wide variety of flavours.
The Hi-Burst recipe and brand have been licensed exclusively to BrightLeaf's long-term strategic tenant, Northwest Cannabis Solutions, which is the leading manufacturer of edibles and other derivative products in Washington.
The retail market for edibles in Washington is roughly $180-million (U.S.), and has continued to grow since the Washington recreational market came on-line in 2014. As of 2016, edible sales made up 10 per cent of the United States recreational cannabis market, increasing to 13 per cent in April, 2017, according to BD Analytics. In the last year, sales of edibles in Washington increased by 121 per cent, with unit sales of over 2.6 million. Candy makes up the largest portion of the Washington edibles market, with $10.8-million (U.S.) in sales in 2017, up 28 per cent from the previous year. For users, edibles provide a discreet, accurately measured dose without requiring smoke or vaporization.
"It took years of experience developing other cannabis-infused recipes, including Washington's best-selling Marmas infused soft fruit candy, to be able to perfect a delicious infused fruit chew. I truly believe it is the best infused fruit chew available in any state today, and am very excited to take the Hi-Burst brand and recipe into multiple new states before the end of the year," said Leo Gontmakher, Cannex's chief operating officer. "Cannex is focused on the growing edibles and derivatives market and Hi-Burst is an excellent example of Cannex's commitment to product development and strong brands," continued Mr. Gontmakher.
BrightLeaf's strategic tenant, NWCS, is the leading producer of recreational cannabis in Washington, achieving sales of over $25.75-million (U.S.) in 2017. Utilizing BrightLeaf-designed-and-developed turnkey growing facilities, NWCS was able to produce approximately 8,000 kilograms of cannabis in 2017. Distributed regularly to over 300 stores, NWCS has a superior position in the Washington cannabis market
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