Shares in Relevium Technologies Inc (OTCMKTS:RLLVF) headed higher on Tuesday afternoon after the health-focused e-commerce group signed a deal to sell cannabinoid-infused products in the US.
The Canada-based group has signed an exclusive agreement with Hempco Food and Fiber Inc (CVE:HEMP) to launch five of the latter’s PlanetHemp products in the US.
“Increasing market awareness of the beneficial properties of hemp are creating strong momentum in the food and food additives space,” said Relevium chief executive Aurelio Useche.
“Through our exclusive partnership with Hempco, giving us access to its PlanetHemp brand, we are exceptionally well positioned to gain market share in this rapidly growing segment of the market.
“The launch of these products in the United States via Amazon, and in the future on other main sites, such as Jet.com, is an important milestone for both companies.”
Hemp-based and cannabinoid-infused products have been gaining popularity in recent months as a growing bank of research suggests they have various health and wellness benefits.
In fact, an article published by Forbes suggested that hemp-derived cannabidiol would be a billion-dollar market within three years.
Relevium shares edges 1.6% higher to 13.4 US cents on Tuesday afternoon.