Canafarma Hemp Products Corp (CSE:CNFA) has taken another step in its global sales strategy, signing an exclusive fulfillment and production agreement with a German-based cosmetics manufacturer and distributor.
In a statement, the hemp-focused company said it would leverage Nutracosmetic GmbH's operations to facilitate both Business to Business (B2B) and Business to Consumer (B2C) channels across the European Union, Asia and South America.
Nutracosmetic, based in Bernau, Germany, is a high-end professional cosmetics manufacturer and operates a sophisticated global distribution system from facilities of 15,000 square foot.
As reported last month, Canafarma is launching three more of its YOOFORIC branded hemp oil-infused chewing gums in August this year, bringing the total number of its gum products to six.
As it develops and markets these further brands, European consumers will become a point of major focus, Canafarma said in Thursday's statement.
Nutracosmetic will be responsible for all YOOFORIC product deliveries to Northern Europe and Asia, while its two subsidiaries will handle the following:
- Brandics GmbH, based in Lohmar, Germany, will be responsible for Germany, Austria and Switzerland and CanaFarma's distribution relationship with Amazon.com
- Nutracosmetic Srl, based in Verona, Italy, will handle deliveries to Southern Europe and South America.
"This is another substantial step forward for CanaFarma, as we continue to execute on our overall strategic plan to deliver products to our customers on a global basis. We are very pleased to be working with Nutracosmetic," David Lonsdale, chief executive at CanaFarma said in a statement.
Shares added 3.9% to C$0.80 each in Toronto.
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