Vancouver, Canada-based Ignite International Brands is preparing to sell its cannabis products in Europe by teaming up with a European white label manufacturer.
Under a binding letter agreement, the European manufacturer – the name of which wasn’t disclosed – will manufacture, package and distribute Ignite-branded products to select wholesale and retail channels in Europe.
Ignite will grant a non-exclusive license to manufacture under the agreement. Both parties plan to jointly develop a marketing program to launch Ignite-branded products in select European markets.
Ignite plans to introduce its products in legal European cannabis markets, which some expect to exceed $165 billion in value by 2028.
The company said that the manufacture and distribution relationship offers it a “unique opportunity to leverage its international brand recognition, established through an extensive non-North American social media base comprised of approximately 10 million followers, and access consumers in both wholesale and retail channels in select European markets.”
Upon completion of due diligence by both parties, the binding agreement is expected to be confirmed by definitive agreements by March 31.
Ignite International Brands is an investment firm focused on the Canadian and global cannabis sector. The company has a trademark and copyright license agreement with Ignite International that permits it to manufacture and distribute Ignite branded products in Canada and in all international markets other than the U.S.