Ikänik Farms has signed a three-year supply agreement with Yura Group, for the company's full line of hemp-based CBD products.
"We are excited to announce our partnership with Yura Group, whose founders have a strong reputation for distribution excellence in the LATAM marketplace," said Brian Baca, CEO of Ikänik Farms. "We look forward to growing with our partner, not only to advance the industry geographically, but also categorically."
The supply agreement with Yura is focused on the US and LATAM markets, with a minimum annual purchase quantity of 240,000 finished units. The cosmetic-based product suite includes topical creams, rubs and balms. Ikänik Life is responsible for finished product formulations and will collaborate with Yura on new product development to support consumers growing demand for hemp CBD-based products. Yura services over 50 million Latin consumers annually.
"The Yura Group agreement will help expand the Company's footprint into 8 additional countries, broadening our reach to our target consumers, globally," said Borja Sanz de Madrid, President of Ikänik International, Inc.
"We are very excited to partner with Ikänik Farms and apply Yura's commercial capabilities and decades of success in direct sales to US and Latin American markets. With the rapid regulatory changes occurring throughout LATAM, we anticipate having products available for sale in LATAM countries by Q3, 2021" said Mariano Cariola, CEO of Yura Group.
Ikänik Farms is traded on the Canadian Securities Exchange under the ticker symbol (IKNK.U).
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