leadf
logo-loader
viewHeritage Cannabis Holdings Corp.

Heritage Cannabis announces the launch of Premium 5’s new brand RAD

RAD is being introduced in response to consumer demand for more affordable cannabis concentrate offerings

Heritage Cannabis Holdings Corp. -
RAD products have been shipped into Alberta and British Columbia and are expected to be sent to other Canadian provinces and territories soon

Heritage Cannabis Holdings Corp (CSE:CANN) (OTCQX:HERTF) (FRA:2UE) reported the launch of a new Premium 5 brand RAD, in connection with its pending acquisition of Canadian recreational and medical cannabis company Premium 5 Ltd. 

The company said RAD is being introduced in response to consumer demand for more affordable cannabis concentrate offerings. 

“There is a strong market for our product offerings through Premium 5, but we acknowledge the growing consumer demand for more affordable concentrate offerings,” said Premium 5 CEO David Schwede in a statement. 

READ: Heritage Cannabis buys full spectrum cannabis concentrate producer Premium 5 for C$21M in stock

He added: “With RAD, we aim to leverage our strong reputation to delight our consumers with quality products at a value price point.”

Heritage Cannabis noted that RAD is entering the Canadian cannabis market with 21 stock-keeping units (SKUs), or scannable bar codes, with plans to launch a number of new SKUs in the coming months.

It added that products have now been ordered and shipped into Alberta and British Columbia and are soon expected to be going into the remaining provinces and territories.

The company also said it has terminated its previously-announced term sheet with Cannahive Inc dated August 18, 2020, as the two companies were unable to settle the terms of the definitive joint venture agreement.

Heritage added that it is now pursuing various alternative options for edibles.

The company announced in late December a deal to acquire Premium 5 Ltd in consideration for C$21 million of Heritage Cannabis stock, with the potential for an additional C$20 million in Heritage shares should certain revenue growth and gross margin milestones be met over the next 24 months.

Heritage said demand for Premium 5 products has resulted in provincial purchase orders nearing C$10 million since launching sales in June 2020 and growing each month to an annualized run-rate of about $20 million.

Heritage Cannabis is a vertically-integrated cannabis provider that currently has two Health Canada approved licensed producers, through its subsidiaries Voyage Cannabis Corp. and CannaCure Corp., both of which are regulated under the Cannabis Act Regulations. 

Contact Sean at sean@proactiveinvestors.com

Quick facts: Heritage Cannabis Holdings Corp.

Price: 0.16 CAD

CSE:CANN
Market: CSE
Market Cap: $75.79 m
Follow

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

In exchange for publishing services rendered by the Company on behalf of Heritage Cannabis Holdings Corp. named herein, including the promotion by the Company of Heritage Cannabis Holdings Corp. in any Content on the...

FOR OUR FULL DISCLAIMER CLICK HERE

Heritage Cannabis sees strong interest in recreational products as they...

Heritage Cannabis (CSE: CANN- OTCQX: HERTF) CEO Clint Sharples joined Steve Darling from Proactive with an update from the company including when they plan on launching products for medical use in Canada and the United States. Sharples discusses that launch and also the success they are...

2 weeks, 2 days ago

2 min read