FinCanna Capital Corp. (OTCQB: FNNZF) (CSE: CALI) a royalty company for the U.S. licensed medical cannabis industry, reports that Cultivation Technologies Inc. (CTI) its first investment in California, announced today that it has executed an agreement with Phoenix Tears LLC, to be the exclusive manufacturer and distributer of official Phoenix Tears THC based products in California.
Since its inception in 2010, Phoenix Tears—through its cannabis research and formulations—has supported more than 200,000 individuals through its brand and products which now resonate globally.
The Phoenix Tears-branded portfolio of THC based products will initially include a full spectrum of oil dispensers, vaporizer cartridges and vaporizer kits, as well as topicals. All products will feature formulations developed by Janet Rosendahl-Sweeney, a co-founder of the Phoenix Tears organization, and will be manufactured exclusively by CTI’s state-licensed subsidiary Coachella Manufacturing. These products will be sold and distributed primarily through CTI subsidiary Coachella Distributors and potentially other strategic distributors to ensure state-wide coverage.
“This agreement represents a significant step forward for CTI as they continue to build out their manufacturing, distribution and marketing businesses of cannabis and cannabis-related products,” said Andriyko Herchak, President and CEO of FinCanna Capital. “This agreement continues to validate our investment in CTI, and gives our shareholders growing access to the burgeoning medical cannabis market in California.”
“We’re proud to have Phoenix Tears as part of our growing stable of trusted brands, and expect significant demand following our informal survey of the market this year,” said Justin S. Beck, chief strategy officer and co-founder of CTI. “Californians will finally be able to purchase official Phoenix Tears products through our dispensary partners. These offerings will be produced with the rigor and time-tested formulas that have made Phoenix Tears a trusted brand.”
Phoenix Tears CEO, Janet Rosendahl-Sweeney, said, “The manufacturing facilities, sales force, and market knowledge certainly distinguish Cultivation Technologies in a highly-competitive, fast-moving business environment. Cultivation Technologies is a solid partner with the requisite resources and experience to help us quickly entrench our presence throughout California.”
In exchange for providing formulations, production SOPs, and general assistance with marketing and demand creation, Phoenix Tears will receive a fee from Coachella Manufacturing for each product produced by the company for an initial term of six years.
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