Canadian producer Freedom Cannabis Inc. has signed a letter of intent with a Washington-based cannabis brand to collaborate on co-branding and to share intellectual property.
On Friday, the private cannabis company announced that it signed an agreement with Pervasip Corp. and its wholly-own subsidiary Zen Asset Management which own the brand Artizen.
The company said in a statement the relationship is beneficial to both companies as they will build brand awareness in their respective markets. The two companies will also explore merging in the future depending on market conditions and regulatory approvals.
Freedom CEO Johnfrank Porestio said this is a very important step for the company as it provides it with a U.S.-market foothold that can be developed as the two companies begin to collaborate.
Freedom was established in 2017 and it’s a private, seed-to-sale cannabis company based in Alberta.
Pervasip is a cannabis company management firm that owns Artizen and its subsidiary Zen Asset Management LLC which operates four licensed cannabis cultivation facilities and one processing facility in Washington.
The company also owns 5 per cent of KRTL Biotech, Inc. which is a cannabinol and psilocybin pharmaceutical developer.
“Freedom and its management team have an impressive foundation for growth, and we are pleased to enter into this relationship, maximizing each other’s potential, especially at a time when we are expanding Artizen across the United States,” said Pervasip president German Burtscher.
“Building on the recognition of Artizen being the ninth largest independent cannabis flower brand in the US, Freedom is the perfect strategic partner to both accelerate our growth and enter the Canadian market.”