The first deal is a bulk order of cannabis biomass, while the second is a right of first offer agreement, which guarantees access to future supply
Holdings Corp () (OTCMKTS:HERTF) announced a couple of agreements Tuesday with Toronto cannabis grower Weed Me Inc to bolster its supply.
The first deal is a bulk order of cannabis biomass, the first shipment of which arrived during the last week of August. The second is a right of first offer agreement, which guarantees access to future dried cannabis as each Weed Me harvest is conducted.
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"We are pleased to have Weed Me as a contracted supplier of cannabis biomass,” CEO Clint Sharples said. “Their ability to grow quality THC and CBD content cannabis which meets our high specifications contributes to our increased production schedule to meet our customer's product expansion plans."
By the end of August, Heritage said it had amassed more than 1,200 kilograms of cannabis biomass from companies including Weed Me, with more shipments to come and additional deals potentially to be made.
Shares of Heritage ticked 1.3% higher Tuesday to C$0.40 on Bay Street and 1.6% to US$0.30 in New York.
—Updated to include stock movement—
Contact Andrew Kessel at [email protected]
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