In this market news, Newstrike Brands Ltd. (TSXV:HIP), one of the Canadian marijuana stocks, said it has been approved to supply cannabis to Manitoba’s licensed private sector retailers
SmallCapPower | January 14, 2019: Newstrike Brands Ltd. (TSXV:HIP), one of the Canadian cannabis stocks, announced recently that its wholly-owned subsidiary, Up Cannabis Inc., has been approved by the Manitoba Liquor and Lotteries Corporation to supply recreational adult-use cannabis to the region’s licensed private sector retailers.
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Newstrike Brands has been securing distribution agreements across Canada. Manitoba represents the seventh Canadian province in Up Cannabis’ kitty. Recently, the Company announced an agreement with the Prince Edward Island Cannabis Management Corporation and has formalized supply agreements with the Nova Scotia Liquor Corporation, Ontario Cannabis Store and the Alberta Gaming, Liquor & Cannabis Commission. The Company has a signed Memorandum of Understanding (MoU) with the British Columbia Liquor Distribution as well as having been approved as a supplier to the Saskatchewan Liquor & Gaming Authority.
Newstrike Brands has become one of only seven companies with provincial agreements in at least seven provinces.
Newstrike Brands CEO Jay Wilgar stated, “We are very proud to say that, with this agreement in place, we continue to build a best-in-class distribution network for Up Cannabis products from coast to coast. We are thrilled to announce this relationship with Manitoba Liquor and Lotteries and look forward to building a long-term partnership by providing high quality, safe and reliable products to adult-use consumers in Manitoba.”
Newstrike Brands is a Toronto-based cannabis company licensed to cultivate and sell cannabis in all acceptable formats. Newstrike Brands, through its wholly-owned subsidiary Up Cannabis, produces dried & fresh marijuana, marijuana plants & seeds, cannabis resin and cannabis oil. It is responsible for the development of artsy recreational cannabis strains inspired by The Tragically Hip’s song titles.
Shares of Newstrike have surged 58% since December 21, 2018, to its current price of $0.57. Newstrike Brands trades at a market capitalization of C$317.3 million with a price-to-book multiple of 1.86x.
Disclosure: Neither the author nor his family own shares in the company mentioned above.
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