Canopy Growth Corporation (NYSE:CGC) has announced that it has signed a contract agreement for the expansion and extension of its previous partnership with cannabis brand company OG DNA Genetics up to 2024.
Expanding into the nascent market in Europe
Under the new terms of the contract extension, the companies will extend their operations beyond Jamaica and Canada thus bringing OG DNA’s proprietary genetics to the expected European market. The companies had their first agreement back in 2015 for the Canadian market through which Canopy Growth was allowed to access the unique and genetically diverse cannabis strains of OG DNA which it would later incorporate in their product line in Canada. Canopy Growth also got to benefit from DNA’s founders’ witty charm and brain trust.
The recent extension is not the first time the companies are renewing their partnership. In 2017 they extended the arrangement to Jamaica in a bid to bring the original cannabis strains of DNA into the Caribbean market. According to the terms of the current agreement DNA and Canopy have indicated that they will collaboratively work together up to 2024 to extend their reach in global markets where the sale of medical and recreational cannabis has been legalized including Europe.
Partnership helping grow distribution
Speaking about the expansion of the partnership, President and co-CEO of Canopy Growth, Mark Zekulin indicated that the arrangement they have with DNA has been robust and of mutual benefit enabling them to grow. The expansion of the agreement up to 2024 is thus a way of the company growth as they look to bring the premium cannabis products of DNA to the world.
Charles Philips, the CEO of DNA indicated that they had experienced success due to the partnership they have with Canopy Growth. The CEO stated that using their quality standard and proprietary phenotyping technology and the collaboration with Canopy has led to the growth of the company’s distribution capability of providing the world with the best cannabis. The company produces the best in genetically diverse cannabis strains that have seen it receive over 200 global awards.
