Dankr.ca – Your Toronto Connection
Article by Jelena Martinovic , Benzinga
Thrive Cannabis confirmed Thursday it has teamed up with Canary RX Inc. to expand its cultivation and processing capacities.
Under the joint venture deal, Simcoe, Ontario-based Thrive will supervise operations and handle the indoor cultivation at the Canary’s 44,000 square-foot facility.
The facility, which Canary never commissioned, is located in Southern Ontario.
In return, the manufacturer of craft cannabis concentrates and dried flower will gain a share of the facility’s overall net income.
According to the agreement, which will last five years, both parties will not give away any ownership of their companies.
“This is a world class asset to take on under our management that adds substantial capacity for the cultivation of premium indoor flower,” said Thrive CEO Geoff Hoover in a statement. “We could not be more happy to be partnering with Canary RX for the mutual benefit of our organizations and shareholders.”
