Heritage Cannabis Holdings Corp (CSE:CANN) (CNSX:CANN.CN) (OTC:HERTF) said it has purchased Pura Vida, an award winning legacy cannabis brand recognized for superior tinctures, concentrates and vape cartridge products.
The cannabis specialist said the Pura Vida brand will be marketed primarily as Heritage's recreational offering and will complement the launch of the company’s Purefarma medicinal and recreational brand on May 26.
The products will be sold through provincial cannabis stores across Canada, beginning in British Columbia and Alberta in July.
Heritage said it will acquire the Pura Vida brand and trademark for C$75,000, to be satisfied by the issue of 500,000 shares in the company at a value of C$0.15 each, with the transaction expected to close by June 19.
Pura Vida founder Brandon Kitcher will join Heritage to facilitate the launch and growth of the brand in the Canadian market.
In a statement, Heritage chief executive Clint Sharples said: "With over 25,000 customers served in its history, Pura Vida has clearly demonstrated previous brand loyalty, and will be a valuable addition to the portfolio of brands and products being launched by Heritage in the coming months. Strong brands are key to our strategy to maximize domestic and international revenue opportunities and achieve strong margin performance from our products."
Kitcher added: "I chose to bring my brand to Heritage specifically because I knew the extraction experts from their subsidiary Purefarma Solutions could deliver the quality that my customers have come to expect from my products. We have always thought of Purefarma as the best in the business, and I'm looking forward to delivering that once again."
Heritage owns two Health Canada approved licensed producers, Voyage Cannabis and CannaCure, as well as two other subsidiaries, Purefarma, which provides extraction services, and a Medical Services Division which is focused on cannabis-based medical solutions.
Contact the author at email@example.com
Follow him on Twitter @Cal_Proac