SIGNS JOINT VENTURE AGREEMENT WITH CANOPY GROWTH CORPORATION; JOINS CRAFTGROW AS BOUTIQUE GROWER
PUF Ventures Inc. (PUF.C) has signed an exclusive joint venture agreement with Canopy Growth Corp. and joined CraftGrow, a collection of high-quality cannabis grown by a select and diverse set of producers, made available through the Tweed Main Street website.
Canopy Growth is Canada's pre-eminent cannabis company focused on diverse brands and award-winning customer service. It is an industry leader with an impeccable reputation for quality and for partnering with some of the biggest names in the cannabis industry. PUF is only the fourth company to be selected by Canopy for their exclusive CraftGrow program.
"Our partnership with Canopy Growth accelerates the timeline for PUF to be an actual cannabis producer selling its product to the medical marketplace under the ACMPR [access to cannabis for medical purposes regulations]," said Derek Ivany, president and chief executive officer of the company. "Gaining access to Canopy's marketing and distribution network will allow PUF to generate revenue much sooner and at a significantly lower infrastructure cost than PUF moving forward on an independent basis. We will avoid significant market acquisition costs and have access to an extensive customer list with refined tastes. We believe our unique strains of cannabis will be popular in the CraftGrow product line, and look forward to working closely with the Tweed team to get our products to market."
Canopy Growth introduced CraftGrow through its wholly owned subsidiary, Tweed, with the goal of bringing select strains of high-quality cannabis grown by a diverse set of producers to Tweed's registered customers. The CraftGrow program showcases the history, brand and unique growing methods of each unique producer.
By joining CraftGrow, PUF's own master grower will have the opportunity to work with Canopy's team to share expertise, technology, and best growing practices to maximize yield and ensure high-quality product lines. PUF will also be able to source strains and lineage directly from Tweed's own breeding facility to add to its product line.
CraftGrow also provides PUF with immediate access to Canopy Growth's extensive operational infrastructure. CraftGrow supports select producers like PUF, by taking care of the marketing and distribution of medical cannabis through Tweed Main Street on-line marketplace. With award-winning customer service and call centres, Tweed offers patients assistance to choose strains from a select group of producers. It also has an established fulfilment centre that can ship thousands of orders each day to customers all across the country.
The joint venture partnership with Canopy Growth will significantly reduce the resources that PUF will need to enter the market and establish its brand. PUF gains access to Canopy Growth's client list, which allows it to get its product to market much faster to the benefit of medical cannabis patients. The partnership calls for CraftGrow to receive PUF's harvests for sale through Tweed Main Street as specific whole-flower strains or as oil. It also provides PUF the opportunity to pursue its own customers including potential exports to international markets. "It is a great honour and opportunity to join Canopy Growth's CraftGrow product line," continued Mr. Ivany. "With Canopy Growth as a partner, we will work towards their exacting standards as we look to Health Canada for notification of the next steps with our ACMPR application."
About PUF Ventures Inc.
PUF Ventures owns a majority interest in AAA Heidelberg, a private Ontario company that is in stage 5 of 7 in its application for an ACMPR licence from Health Canada. PUF has an option to acquire the balance of the share to own 100 per cent of AAA Heidelberg upon receipt of the ACMPR licence. While it cannot guarantee nor estimate the timing of the issuance of a licence to AAA Heidelberg, it is management's goal to become a leading supplier of medical marijuana in Canada and this partnership with Canopy clearly shows that PUF is progressing.
VapeTronix, a wholly owned subsidiary of the company, is in the process of developing Weedbeacon, and expanding its 1313 brand of electronic cigarettes, marijuana vape delivery devices and associated technologies.