New Leaf Ventures’ genetics supply agreement
March 21, 2023 By Grow Opportunity Staff
(Globe Newswire) Vancouver — New Leaf Ventures Inc.’s wholly-owned subsidiary High Profile Holdings Cannabis Corp. has executed a genetics transfer and buyback agreement with CannaPharmaRX Inc.
High Profile holds some of the most highly sought after and exclusive strains in Canada. These strains are proven to produce 15-30 per cent THC and 3.5 per cent terpenes consistently. This agreement will allow a transfer of genetics from High Profile’s extensive library for cultivation in Canna’s facility located in Cremona, Alberta. Further to the agreement, High Profile will have 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 55,000 square foot 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.
Canna is focused on the acquisition and development of state-of-the-art cannabis cultivation facilities in North America. Their business strategy is to become a leader in high quality and low-cost production of cannabis through the development, acquisition, and enhancement of existing facilities. To achieve this goal, Canna is committed to utilizing the latest technology in combined heat and power generation as well as cultivation methods.
This partnership will allow for selected strains to be brought to market through the High Profile retail brand while other selected strains will be grown by the cultivator and sold to their existing domestic and foreign customers. Any finished products containing High Profile’s unique and curated strains that are sold by Canna will require a royalty paid back to High Profile on a monthly basis. This agreement also establishes a pre-determined wholesale price for products meeting the high standards that High Profile customers have come to expect.
“This is a momentous agreement for High Profile as it allows us to see our genetics come to life and control aspects of our 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.” — Dean Medwid, president & COO, New Leaf
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