Heritage Cannabis Holdings Corp. is commencing operations in the state of West Virginia after Harvest Care Medical recently received its processing license from the West Virginia Office of Medical Cannabis. Initial production of vape products and concentrates has already commenced in the state. West Virginia's Medical Cannabis Act was signed into law in 2017, and the state saw its first legalized medical sales in the fall of 2021.
"This milestone marks Heritage's second U.S. state where it is operating, and with six additional states on the horizon, our U.S. strategy is gaining traction and taking shape as the U.S. moves closer to decriminalizing cannabis. Heritage has established brands and formulations that people want, and using our IP and asset-light strategy we can deliver our products in a rapid, cost-effective manner and take part in the upswing of the burgeoning legalized U.S. market."
"With our growing footprint in the United States, Heritage is uniquely positioned to develop our presence with our brands that are already highly sought after in legalized medical cannabis markets. Our strategy takes advantage of early entry in markets that have the near-term potential for recreational legalization, and with the recent comments from President Biden on a federal review of cannabis classification, we couldn't be in a better position and are very excited for Heritage's future," said David Schwede, CEO of Heritage. "Our asset-light, capital-efficient approach to our U.S. expansion adds another revenue stream to our consistent quarter-over-quarter growth we have seen since early 2021, and we see sizeable upside potential for Heritage as we roll out more planned revenue streams in Canada and the U.S."
Heritage has been working with Harvest Care, a grower, processor, and provider of medical cannabis products in the state of West Virginia, with ten dispensary licenses, of which two are currently in operation. Harvest Care was granted one of ten cultivation licenses last year and will contribute that and the processing license to the relationship, allowing Heritage to produce branded products to be offered to medical cannabis consumers in West Virginia.
As part of the relationship with Harvest Care, Heritage has supplied production equipment as well as training and supervision of staff on the proprietary methods of extraction and manufacturing of Heritage developed and branded products. The relationship provides favorable shelf allocation for Heritage's branded products in Harvest Care's West Virginia dispensaries.
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Heritage Cannabis Holdings