Aphria Inc (NYSE:APHA) shares were on the rise after clinching its joint venture with brand manager Perennial as it looks to create consumer-driven cannabis brands.
Edibles and marijuana-infused beverages have been all the rage lately, but the companies said the partnership will look beyond just those two segments to offer a wide range of wellness-focused cannabis products.
"The brands that stand the test of time are the ones created with an understanding of the marketplace, an original and effective answer to a consumer need, and a message that's relevant to people's lives," said Chris Lund, Perennial’s Chief Innovation Officer, in a press release.
Shares jumped more than 4% to US$13.18 in Wednesday pre-market and added about 2% in New York trading.
Perennial, a subsidiary of DATA Communications Management Corp, has more than two decades of experience under its belt.
It has partnered with brands like Royal Bank of Canada (NYSE:RY), Loblaw Companies Limited (TSE:L), McKesson Canada (NYSE:MCK), The Coca-Cola Company (NYSE:KO), and Canadian arm of The Home Depot Inc (NYSE:HD).
Aphria president Jakob Ripshtein appears confident that the partnership will propel the company forward, stating that the future of the cannabis industry will be driven by consumer-focused research and development.
The Ontario-based company, which made its debut on the New York Stock Exchange in October, produces pharmaceutical-grade medical cannabis.
Contact Lenore Fedow at [email protected]