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Westleaf Signs One Year $4 Million White-Label Cannabis Derivative Product Sale Agreement with an Option to Increase to $16 Million
Westleaf Signs One Year $4 Million White-Label Cannabis Derivative Product Sale Agreement ...
About this update from Decibel Cannabis Company Inc
[{"type":"text","content":"\n\n\n\n\nWestleaf Signs One Year $4 Million White-Label Cannabis Derivative Product Sale Agreement with an Option to Increase to $16 Million\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\n\nCanada NewsWire\nCALGARY, July 24, 2019\n\n\n\nCALGARY, July 24, 2019 /CNW/ - Westleaf Inc. (the \"Company\" or \"Westleaf\") (TSX-V:WL) (OTCQB:WSLFF), is pleased to announce that its subsidiary, Westleaf Labs LP, has entered into a white labeling agreement with Delta 9 (TSXV: NINE)(OTCQX: VRNDF) to supply approximately $4 million of cannabis derivative products from its large-scale extraction and manufacturing facility located in Calgary, known as The Plant. Under the terms of the agreement, the contract will begin on October 1, subject to receipt of final license approval from Health Canada, and will carry an initial term of one year, whereby Delta 9 will be required to purchase a minimum of ~$4 million of various white labelled derivative products (such products are expected to include a mix of vape pens, gel caps, tincture oil, and edibles) with an option to increase such amount up to $16 million per year. \n\n \n \n\n \n\"This is an important milestone for The Plant and for Westleaf in securing contractual revenue,\" noted Scott Hurd, President and CEO, Westleaf Inc. \"This is the first of what we believe will be many derivative product sales and manufacturing agreements for our facility, Phase I of which is designed to process up to 65,000 kilograms of dried cannabis flower per year.\" Hurd added that The Plant has an additional 45,000 square feet of space available for expansion which has the potential to increase its processing capacity in excess of 1,000,000 kilograms per year. Additionally, the expansion will greatly increase its capacity to formulate and produce the next wave of cannabis derivative products such as vapes, edibles and topicals, once they are legalized later this year.  \n\"When looking at our suite of options for white-labeled derivative cannabis products, Westleaf stood out as the clear choice.\" said...