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Saturday, May 21, 2022
Mugglehead Magazine
Alternative investment news based in Vancouver, B.C.

Business

Curaleaf to enter Caribbean market via agreement with CBD distributor

The distribution agreement will bring Curaleaf’s CBD products to the Caribbean, Latin America and travel retail markets

Curaleaf to enter Caribbean cannabis market via distribution agreement
Photo by Jasonshortes via Wikimedia Commons

Multistate cannabis operator Curaleaf Holdings, Inc. (CSE: CURA) (OTCQX: CURLF) will bring its CBD and cannabis products to the Caribbean via an agreement with a hemp products distributor.

On Tuesday, the Massachusetts-based company said it has signed a distribution agreement with WB Canna Co. & Wellness, a CBD distributor and wholly-owned subsidiary of Miami-based WEBB Banks, one of the leading alcohol distributors in the Caribbean and one of the first companies in the region to distribute CBD products.

Curaleaf will start sending its Select CBD and Curaleaf Hemp products to Puerto Rico, the U.S. Virgin Islands, Aruba, Bermuda, Barbados, Cayman Islands, Costa Rica, Guatemala, Jamaica, Saint Maarten among other markets in Latin America. It will also be selling to the travel retail and cruise ship market.

The company says it will benefit from WB Canna Co.’s ability to navigate the legal and compliance needs across the fragmented geography of the Caribbean.

Company stock went down on Tuesday by 3 per cent to $8.33 on the Canadian Securities Exchange.

Read more: Curaleaf posts record US$1.2B in sales for fiscal 2021

Read more: Curaleaf expands Arizona presence with US$211M Bloom acquisition

WB Canna Co. COO Phillip Jarrell said that since early last year after launching the company they’ve seen interest and excitement for the CBD products throughout the Caribbean and Latin America.

“We believe that consumer demand for high-quality CBD products will continue to grow year-over-year, and we remain laser-focused on building brand recognition and brand loyalty,” Vice president of CBD, Health & Wellness at Curaleaf Joseph Gennaro said.

“Consequently, our agreement with WB Canna Co. marks a key inflection point in the go-to-market strategy for our CBD business and shows our commitment to achieving international growth.”

 

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