PROGRESS! Sproutly Signs Definitive Agreement With CannaHive Inc.
April 20, 2021 04:00 PM Eastern Daylight Time
VANCOUVER, British Columbia--(BUSINESS WIRE)--Sproutly Canada, Inc. (CSE:SPR) (OTCQB:SRUTF) (FSE:38G) (“Sproutly" or the “Company”), is pleased to announce it has executed the definitive agreement (the “Agreement”) with CannaHive Inc. (“CannaHive”), consistent with the revised letter of intent that was announced in February of this year. This agreement finalizes the commercial arrangement with CannaHive to produce Cannabis 2.0 products at the Company’s subsidiary, Toronto Herbal Remedies’ (“THR”), licensed facility.
“We are happy to have finalized the agreement with CannaHive. Our priority now is to complete the integration and move to production of high quality and clearly differentiated edible products at significant volumes for the Canadian market.”
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The Agreement allows Sproutly to utilize CannaHive’s proprietary manufacturing and packaging equipment and intellectual property to manufacture cannabis infused confectionaries, such as gummies and candies, along with their unique cannabis dissolvable powder, at the THR facility.
“This is an important step in the execution of our business transformation plan into Cannabis 2.0 products,” said Dr. Arup Sen, Chief Executive Officer and Director of Sproutly. “We are happy to have finalized the agreement with CannaHive. Our priority now is to complete the integration and move to production of high quality and clearly differentiated edible products at significant volumes for the Canadian market.”
“This agreement marks a major milestone for us,” said Jon Seguin, co-CEO and Director of CannaHive. “Together with Sproutly, we will bring pharma-grade premium quality edible products to the Canadian consumer at a competitive price,” added Seguin.
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. Our 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.
For more information on Sproutly, please visit: www.sproutly.ca
About CannaHive Inc.
CannaHive is a privately owned manufacturing management service provider. They transfer technology and know-how from the pharmaceutical industry to the cannabis space through projects tailored to existing licensed facilities' characteristics. CannaHive sets up white label and private label programs to manufacture and package cannabis 2.0 products, which turn licensed producers looking to reduce their expenditures and raise their profitability into innovative players in the industry.
For more information on CannaHive Inc., please visit: www.cannahive.ca
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