Sproutly Canada Inc. (SPR:CSE;SRUTF:OTCQB) finished developing and formulating an initial line of cannabinoid-containing beverages, the company announced in a news release.
The set contains three cannabis/hemp-infused beverages that combine MiST, the water-soluble mineral platform, and Infuz2O, water-soluble cannabinoids. Each beverage has a function, either to help focus one's energy, to promote relaxation and stress relief, or to foster restorative sleep.
"Our competitive advantage is to leverage the suite of proprietary water-soluble technologies we have acquired and create a line of consumer products that taste great and have a functional purpose," President and CEO Keith Dolo said in a release.
These drinks should be ready for commercialization by the time Health Canada legalizes the sale of such beverages, if it does, the company noted.
In other news, also announced in a release, Sproutly signed a letter of intent to form a joint venture (JV) with Global Canna Labs Ltd. to develop, produce, market, distribute and sell cannabis-infused beverages, edibles and topical products created with Sproutly's APP technology. Global Canna is a Jamaica-based medical cannabis producer with distribution throughout the Caribbean.
This JV will allow to Sproutly, for one, to expand its business geographically outside Canada. Also, it will "enable Sproutly to diversify its product portfolio and accelerate its global distribution network from a low-cost regulated jurisdiction," Sproutly's Dolo said in the release.
Paul Glavine, Global Canna's CEO, said, "With our current supply and expansion plans to over 1 million square feet of cultivation, we see this partnership with Sproutly as a step towards utilization of our large-scale production towards a finished product strategy."
As proposed, each company would own 50% of the JV, and it would have its own board of directors.
Global Canna would be responsible for cannabis biomass production and procurement, usual JV operations, costs of making products for sale and capitalizing on its existing production facility and staff in those efforts. Sproutly would make its APP technology available to Global Canna. It would supply reagents and provide formulation capabilities, including its functional beverages portfolio, for beverages/products containing Infuz2O or Bio Natural Oil.
Signing of the definitive agreement and establishing the JV should occur in January 2019.
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