It recently acquired US e-commerce platform Pure Therapy Products Corp as a vehicle to scale its business into the US and abroad
BevCanna Enterprises Inc () (OTCQB:BVNNF) is “extremely pleased” with its position in the cannabis-infused beverage sector ahead of its US and global expansion plans.
In a note to shareholders over the weekend, the Vancouver-based company said it had made significant progress on key objectives like finalizing partnerships and signing new white-label clients.
BevCanna recently acquired US e-commerce platform Pure Therapy Products Corp as a vehicle to help the company scale its business into the US and abroad. The firm plans to leverage its direct-to-consumer retail capabilities to market natural health products and BevCanna’s own brands.
READ: BevCanna Enterprises to buy e-commerce retailer Naturally Pure Therapy Products
In Canada, the group recently completed upgrades on its bottling facility in Osoyoos, BC and submitted an evidence site package to Health Canada for its Standard Processing License in June. The firm told investors that it expects to “imminently” receive the license, which will allow it to begin servicing white label clients and commercialize its internal house brands.
"We're extremely pleased with the progress we've made in the strategic objectives that we set out earlier this year," John Campbell, chief strategy officer at BevCanna, said in a statement. "Though these have been challenging times for everyone, we've been able to achieve our key goals. We've moved forward with our Standard Processing License, we've finalized significant partnerships and we've signed a number of white-label clients."
Campbell added that the firm has built a “solid foundation” to position the company to become a leader in the infused beverages space.
"With this foundation in place, we're also now solidifying our leadership team, so that we're prepared to immediately execute,” he added.
BevCanna owns the exclusive rights to a spring water aquifer, as well as access to a world-class 40,000-square-foot, certified manufacturing facility, with a current bottling capacity of up to 210 million bottles per year.
Contact Angela at angela@proactiveinvestors.com
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