1933 Industries Inc's (CSE:TGIF) (OTCMKTS:TGIFF) subsidiary Alternative Medicine Association (AMA) announced Tuesday that it had agreed to an exclusive licensing deal with a leading cannabis brand to cultivate, manufacture, sell and distribute cannabis products in Nevada.
Share of 1933 Industries rose over 2% in Canada to C$0.51 and nearly 3% to US$0.39 on Tuesday morning.
AMA and its partner OG DNA Genetics Inc (DNA) will co-brand a variety of cannabis products for a two-year term in Nevada. DNA’s expertise in research and development of cannabis genetics will complement AMA’s cultivation of a consistent phenotype strain of high-quality cannabis flower, which is grown at AMA’s new Las Vegas facility.
READ: 1933 Industries, Birdhouse Skateboards launch co-branded hemp, CBD products for action-sports market
“We are excited for the opportunity to partner with such a world-renowned brand in our new purpose-built, advanced cultivation facility,” said Chris Rebentisch, USA COO and Founder of Infused. “Through our strong distribution networks where our products are sold in state-wide dispensaries, AMA controls one of the largest market shares for wholesale branded goods in the state of Nevada.”
DNA’s genetics have won more than 200 awards at major, global cannabis events including the High Times Trailer Blazers Award for contributions made towards uniting entrepreneurship, politics and medicine.
“We have always looked at Vegas as a key market and wanted to make sure we had the right partner,” said on Morris, co-founder of DNA. “With 1933's new state of the art facility and their commitment to education and quality standards, we will really be able to showcase our work and bring the very best in California cannabis to Nevada.”
--Updates with share price--
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