Kelowna’s cannabis operator Avant Brands (TSE: AVNT) (OTCMKTS: AVTBF) is now distributing its BLK MKT cannabis cultivars in five different countries.
The cultivator announced its imminent entry into the Australian market on Monday. This will be made possible through a new agreement with the nation’s medical marijuana distributor Nectar Brands.
Pineapple P, Jealousy, Peanut Butter Mac and other BLK MKT strains will start gracing the lungs of Australian consumers in the next few months.
“This agreement represents a significant step in our global expansion strategy,” Avant Brands CEO Norton Singhavon said. “We believe that the Australian market presents a tremendous opportunity for growth.”
Grand View Research has predicted that the Australian cannabis market will grow with a robust compound annual growth rate (CAGR) of 27.8 per cent between now and 2030. Moreover, Future Market Insights expects the industry to expand with a CAGR of 30.1 per cent, reaching a value of nearly US$8.3 billion by 2033.
Avant Brands now supplies cannabis to Australia, Canada, Switzerland, Germany and Israel.
Earlier this year, Avant partnered with IM Cannabis Corp. (NASDAQ: IMCC) to ramp up distribution in Germany after the nation loosened up its cannabis laws. IM’s Germany subsidiary Adjupharm GmbH has been selling BLK MKT products there. Avant made its first shipment to the European nation in December.
Read more: High Tide is king among Canadian cannabis stocks, Ventum Financial determines
Read more: Northern Canada gets a new cannabis distribution warehouse
Avant Brands recognized for growth
Earlier this month, Business in Vancouver deemed the cannabis grower as one of the top 100 fastest-growing companies in British Columbia.
In addition to its flagship BLK MKT brand, the company distributes its Tenzo cultivars in BC, Saskatchewan and Ontario.
Also, the organic outdoor-grown Tree Hugger brand, GreenTec medical bud and the Cognōscente line of rare “luxury” strains.
For the three months ended Mar. 31 this year, Avant Brands produced 3,186 kilograms of product. The company currently has six production facilities in BC, Alberta and Ontario. Kelowna’s growing operation has the greatest yield.
rowan@mugglehead.com
