The company has signed a letter of intent with Pegasus to create a partnership for cannabis THC production and extraction in Las Vegas, Nevada.
The partnership, which is expected to be consummated in the next 30 days and begin operation in the fall of 2019, calls for products to be sold at wholesale under the Vapen Brand to Nevada dispensaries.
Products expected to hit the Las Vegas market include Vapen THC Cartridges; Vapen Extracts (Connoisseur Concentrates); and Vapen Kitchens Edibles – Snacks, candies, gummies, chocolate bars.
“The proposed partnership is a new and significant geographic market for the Vapen MJ Brand. Cannabis, in Nevada, became legal for recreational use, effective January 1, 2017, following a successful ballot initiative in 2016,” stated Thai Nguyen, founder and CEO of Vapen MJ Ventures.
Vapen MJ will provide management services and standard operating procedures for production and extraction, including the hiring and training of critical employees.
Vapen MJ will also be responsible for the bulk tolling (extraction) for other brands. Pegasus and their partners are supplying funding for the equipment, working capital and biomass to the partnership.
“We are excited to introduce our Vapen Brand to Las Vegas, as this market continues to grow. Pegasus operates a successful cultivation center, distributing its “Virtue” Brand, a complimentary, high-quality, connoisseur brand, like the Vapen Brand, to dispensaries in Las Vegas. The addition of the “Vapen” Brand to existing Virtue products, will be a natural fit for Virtue’s established distribution channel and provide a full cannabis line of products to the existing customer base,” Nguyen added.