Chemistree Technology Inc (CSE:CHM) (OTCMKTS: CHMJF) said Thursday that it has signed an agreement with Sugarleaf Farms to acquire the global brand and marketing rights to the Sugarleaf brand outside Washington State.
Vancouver-based Chemistree said in a press release that it’s working to establish the Sugarleaf brand in California. Late last month Chemistree said it was teaming up with a cannabis processor in Humboldt County, California, and plans to lend the company US$450,000.
READ: Chemistree seeks permits for Desert Hot Springs, California, cannabis cultivation and processing facility
The market for cannabis products in California is expected to exceed US$5.1 billion next year, according to Chemistree.
“Working closely with our new processor partner in Humboldt, we will be able to develop and produce Sugarleaf manufactured products as well as flower products in the world's sixth-largest economy – the massive California market," Karl Kottmeier, Chemistree's president, said in a statement.
Shares of Chemistree slipped C$0.03 to C$0.48 in Thursday's Canadian trading.
Earlier last month, Chemistree said it had applied for permits for a planned cannabis cultivation, processing and distribution facility in Desert Hot Springs, California.
Contact Dennis Fitzgerald at [email protected]