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Heritage Cannabis set to expand into Brazil as it strikes deal with CannaBR Exports Corp

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Heritage Cannabis Holdings Corp (CSE:CANN) (OTCQX:HERTF) (FRA:2UE) has struck a deal with pharmaceutical CBD product importation group CannaBR Exports Corp, which is aimed at selling the company’s products in Brazil.

“As we continue to develop several international opportunities, the agreement with CannaBR is a pinnacle relationship for Heritage as it extends our international strategy beyond the United States and provides access to the growing Brazilian cannabis market which some project to grow to as much as US$12 billion by 2028,” said Clint Sharples, CEO of Heritage, in a statement.

READ: Heritage Cannabis receives inaugural order from Alberta Gaming, Liquor & Cannabis to sell its products in the province

“Our joint efforts with CannaBR bring together Heritage’s expertise as a licensed producer and CannaBR’s international relationships to provide premium CBD products to the Brazilian market,” he added. 

CannaBR already holds an import license, and Heritage is currently awaiting final confirmation from Health Canada to receive its export approval for the first test run to satisfy Brazil Health Authority (ANVISA) requirements.

Heritage has also established contracts with minimum order quantities to deliver CBD products in bulk to CannaBR’s large distribution network in Brazil with the option to establish long-term distribution contracts.

It is also poised to begin final negotiations to secure a long-term sales agreement for a five-year term with a five-year extension, Heritage added.

Heritage is a vertically integrated cannabis provider with two Health Canada approved licensed producers, through its subsidiaries Voyage Cannabis Corp and CannaCure Corp, both regulated under the Cannabis Act.

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