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Aphria shares climb in pre-market after securing joint venture with brand manager Perennial

Perennial has teamed up with companies like Coca-Cola and Home Depot Canada
Scientist in a lab coat holding a marijuana plant leaf
The cannabis company is partnering with Perennial to develop wellness-focused products

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.

READ: Canadian cannabis company Aphria plans to list on NYSE to boost liquidity, investor interest

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]

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