Cannabis One Holdings Inc (CSE:CBIS) (OTCMKTS:CAAOF) announced Wednesday that it is increasing its US footprint with the leasing of two 21,000-square foot manufacturing and processing facilities in Oregon.
Shares of Cannabis One rose 2.6% on Wednesday afternoon at C$3.50.
The new facility, located in Portland, will allow the Denver-based company to transition its existing facilities into state-of-the-art manufacturing and distribution centres with an eye towards international export, the company said in a statement.
"Following the passage of the United States Farm Bill, mainstream consumers will increasingly be able to enjoy the broad benefits of non-psychoactive hemp-derived CBD, with Cannabis One positioning well to take advantage of this global opportunity,” said Jeff Mascio, CEO of Cannabis One, in a statement.
"Having successfully operated in one of the most competitive cannabis jurisdictions around the world, Cannabis One is confident it can translate its experience into the Oregon market and abroad."
The cannabis company also said that it has added a new line of CBD wellness products to its brand portfolio. The Herah product line will incorporate botanical ingredients into topical and tincture applications, including eye repair serums, body lotions, and facial creams.
"As a mother of twins with a rare genetic disorder, my cannabis journey began with the pursuit of novel therapies to manage such symptoms,” said Herah Osborne, who helped to develop the Herah line of products.
“With this announcement, I am thrilled to continue this endeavour and to partner with the experience of Cannabis One's management team to continue the development of alternative CBD-wellness solutions for afflicted individuals across the country."
Herah’s addition gives Cannabis One a springboard to produce and distribute its Honu-branded line of CBD-infused products and Evergreen Organix-branded line of CBD edibles, confections, and topicals.
The new product lines are a continuation of Cannabis One's stated strategy of leveraging award-winning brands to create multi-state brand arbitrage opportunities, the company said in a statement.
Cannabis One focuses on aggregating cannabis retail distribution and brand manufacturing.
The company is poised to expand its footprint across North America as it tackles the goal of becoming a premier house of brands, or home to numerous independent cannabis brands.
--Updates with share price--
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