- New Leaf Ventures (NLV) has signed a genetics transfer and buyback agreement with CannaPharmaRX Inc.
- The agreement was signed by the company’s wholly-owned subsidiary, High Profile Holdings Cannabis Corp. and will allow a transfer of genetics from High Profile’s library for cultivation in Canna’s facility in Alberta
- High Profile also has the ability to buy-back material that meet certain standards or for a royalty, allowing Canna to sell both domestically and internationally
- Shares in New Leaf Ventures (NLV) opened trading at C$0.14
New Leaf Ventures (NLV) has signed a genetics transfer and buyback agreement with CannaPharmaRX Inc.
The agreement was signed by the company’s wholly-owned subsidiary, High Profile Holdings Cannabis Corp. and will allow a transfer of genetics from High Profile’s library for cultivation in Canna’s facility in Alberta. High Profile also has the ability to buy-back material that meet certain standards or for a royalty, allowing Canna to sell both domestically and internationally.
Canna has use-rights of former Aurora Cannabis’s 5,100 square metre GMP capable facility. Canna took over operations over a year ago with the goal of revitalizing the facility back to its pharmaceutical grade standards. The expert operations team behind Canna have signed on to bring this goal to fruition.
High Profile strains produce 15 per cent to 30 per cent THC and 3.5 per cent terpenes consistently.
This partnership will allow for selected strains to be brought to market through High Profile’s retail brand while other selected strains will be grown by the cultivator and sold to their existing domestic and foreign customers.
New Leaf’s President and COO, Dean Medwid, called this a “momentous agreement” for High Profile as it allows the team to see their genetics come to life and control aspects of the supply chain.
“High Profile has enjoyed a history of cannabis connoisseurs following our products because of these rare cultivars and I look forward to get them back on the shelves. We are excited to deliver various plants and seeds to Canna’s facility in the coming weeks and help establish systems and processes to ensure top quality harvests are achieved. Canna has many relationships overseas and by allowing them to sell our unique strains it opens the door for a second revenue stream for High Profile, adding value to all stakeholders.”
Headquartered out of Vancouver, New Leaf Ventures is a licensed producer and processor of ultra-premium cannabis. The company’s flagship enterprise is New Leaf USA and its subsidiaries.
Shares in New Leaf Ventures (NLV) opened trading at C$0.14.
