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Biome Grow Inc.

Biome Grow makes first shipment to Newfoundland and Labrador following landmark cannabis supply deal

The finished product should be available at retail locations across the province and available to customers next week

Cannabis leaf
A second shipment will be sent later in February with an emphasis on independent retail locations

Biome Grow Inc (CSE:BIO) (OTCQB:BIOIF), the cannabis group, revealed it has shipped its first product to Newfoundland and Labrador, kickstarting a supply deal expected to be worth close to $100 million in revenue a year from 2020.

The finished product should be available at retail locations across the province and available to customers next week, the Toronto-based company said.

READ: Biome Grow's Nova Scotia subsidiary wins second purchase order from Nova Scotia Liquor Corporation

A second shipment will be sent later in February with an emphasis on independent retail locations.

This first shipment is part of the landmark agreement Biome and its brand, Back Home Medical Cannabis Corporation signed with the Government of Newfoundland and Labrador in November last year.

This was the largest cannabis supply agreement in Atlantic Canada, according to Biome, and one of the top five-largest deals of its kind in the Canadian cannabis market by quantity.

Biome and Back Home are also finalizing site selection for its five wholly owned retail locations. Biome anticipates that the first location will open in Western Newfoundland by this spring.

Biome said it will also invest $500,000 over five years for research and development in the province.

Quick facts: Biome Grow Inc.

Price: $0.36

Market: CSE
Market Cap: $39.8 m
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