Thrive Cannabis has entered into a Joint Venture agreement with Canary RX, a licensed producer also based in Simcoe, Ontario, to expand its cultivation, processing and overall operational capacity in a non-dilutive manner to its shareholders.
"Canary owns a 44,000 sq. ft. facility just 16 kms from Thrive in Southern Ontario that was purpose built for the indoor cultivation of cannabis, but never commissioned," the team with the company explains. "Under the terms of the JV, Thrive will oversee operations and manage the indoor cultivation facility in exchange for a proportion of the facility’s overall net profits. Thrive is currently commissioning the asset, with plants moving in at the end of May 2020, greatly expanding both Thrive’s overall dried flower production capacity as well as its access to rare genetics."
“This is a world class asset to take on under our management that adds substantial capacity for the cultivation of premium indoor flower. We could not be more happy to be partnering with Canary RX for the mutual benefit of our organizations and shareholders,” said Geoff Hoover, Thrive CEO.
“We are very excited to have entered into this JV partnership with a like-minded and quality driven licensed producer. With access to exclusive world class genetics and a highly skilled and qualified team focused on cultivating some of the best quality craft cannabis in Canada, we look very forward to what this relationship will bring for both parties,” said Tony Zarcone, CEO at Canary RX Inc.
The JV has a term of five years.