New Leaf Ventures' wholly-owned subsidiary High Profile Holdings Cannabis, has executed a genetics transfer and buy-back agreement with CannaPharmaRX.
This agreement will allow a transfer of genetics from High Profile's 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 meets certain standards or for a royalty, allowing Canna to sell both domestically and internationally.
Canna has the 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 cannabis cultivation facilities in North America. Their business strategy is to become a leader in the 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.
Dean Medwid, President & COO of New Leaf, states, "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 getting 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."
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New Leaf Ventures