Article by Jon Hopkins, Proactive Investors
In December 2020, Heritage entered into an arrangement with CannaBR Exports Corp., a Brazilian focused pharmaceutical CBD product importation and distribution company, for the distribution and bulk sale of formulated CBD products to the Brazilian cannabis market.
The arrangement calls for minimum order quantities agreed to by both parties, to be delivered to CannaBR’s large distribution network in Brazil with the option to establish long-term distribution contracts.
Heritage, in conjunction with CannaBR, has focused on filing and achieving approvals from the Brazil Health Authority (ANVISA) to distribute and sell various formulated CBD products in Brazil and is currently in advanced stages of product testing, enabling it to meet ANVISA’s requirements.
Through its partnership in Brazil, CannaBR already holds an import license, and with Heritage receiving its export license from Health Canada, shipments of CBD products are set to begin within a week with the intention to satisfy the ANVISA requirements. Upon achieving all necessary testing requirements, the Company will commence final negotiations to complete a long-term sales agreement with minimum order quantities.
“We are very pleased to be the first cannabis company in Canada to be granted an export license for Brazil by Health Canada,” said Clint Sharples, CEO of Heritage in a statement.
“Our work with CannaBR is the second extension of the Company beyond the Canadian and US markets, and with the Brazilian market projected to grow dynamically over the next five to seven years, we are poised to take advantage of the many opportunities in the premium CBD product space.”