New Brunswick To Make Recreational Pot Use Announcement; Signs First Distribution Deals

Article by National Post

New Brunswick to make recreational pot use announcement; signs first distribution deals

A pair of marijuana producers say they have signed deals to supply pot to the New Brunswick government, which is set to make an announcement about its approach to the sale and distribution of recreational cannabis this afternoon.

Organigram said it will participate in a government news conference scheduled for 1 p.m. in Moncton.

The provincial government didn’t respond to requests for comment.

The Moncton-based company said it signed an agreement Thursday to allocate about a quarter of its production — or a minimum of five million grams per year — to the province’s adult recreational market.

Meanwhile, Canopy Growth Corp. (TSX:WEED) said it has signed a supply memorandum of understanding for cannabis products with the New Brunswick government.

Canopy estimated that the two-year supply agreement, including four million grams of cannabis and cannabis derivative products for the first year, is expected to have an estimated retail value of $40 million in its first year.

Canadian provinces are deciding how to distribute and regulate the use of recreational marijuana after the federal government introduced legislation in April with a goal of legalizing and regulating the use of recreational pot by July 1.

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