As of next year, Canadians will get access to Charlotte’s Web Holdings, Inc. (TSX: CWEB) (OTCQX: CWBHF) CBD products after the company and Tilray Brands, Inc. (Nasdaq: TLRY) (TSX: TLRY) signed a manufacturing and distribution deal.
On Wednesday, both firms announced the partnership which will include licensing, manufacturing, quality, marketing and distribution for the CBD products.
Charlotte’s Web products include oil tinctures, topical creams and gummies. The hemp-derived products will follow the same cannabis regulatory framework in Canada and be available through traditional sales channels.
The first products will be available in early 2023 and will include oil tinctures which will be followed by gummies and topicals.
Jared Stanley, Charlotte’s Web co-founder said the agreement is a “monumental milestone” for Canadians who have relied on its products for years through Health Canada’s exemption access.
“It was critical that our products were produced only using our proprietary hemp cultivars to ensure quality, efficacy, and consistency,” he added.
“We achieved this through a process that began in 2019 to successfully list our varieties on the Health Canada LOAC (List of Approved Cultivars) in 2021 and working with best-in-class cultivation partners.”
“This underscores our strategic expansion into international markets with leading domestic partners by leveraging well-established infrastructure, co-production, and route-to-market capabilities,” Charlotte’s Web CEO Jacques Tortoroli said in a statement.
“Our collective goal is to bring full spectrum CBD-lifestyle wellness options to the Canadian market that will answer consumers’ demand for safe, high quality, trusted CBD products.”
Tilray president Blair MacNeil said that the partnership is an exciting time for the Canadian CBD market as more Canadians seek natural wellness options.
“Partnering with Charlotte’s Web, the market leading CBD brand, opens new opportunities for Tilray Brands in Canada as we evolve our distribution channels from the dispensary model to natural wellness retail channels and eventually mass retail opportunities,” MacNeil said.