LiveWell Finalizes Hemp CBD Supply Agreement with Tilray Ottawa, Ontario, March 14, 2019 (GLOBE NEWSWIRE) -- LiveWell Canada Inc. ("LiveWell" or the “Company"), (CSE: LVWL), today announced it has finalized its CBD supply agreement with Tilray Inc. (NASDAQ: TLRY). LiveWell will supply Tilray with a monthly quantity of up to 300 kilograms of hemp-derived CBD isolate, or an equivalent amount of full-spectrum CBD extract. The Company expects to begin shipping Tilray its product during the second quarter of 2019.
As part of its diligence process, Tilray conducted laboratory testing on the Company’s product, as well as performing a site visit to the Company’s manufacturing facility in Eureka, Montana. The results of this due diligence met Tilray’s product and manufacturing standards.
“We’re thrilled to have the opportunity to partner with Tilray, one of the best known and most stringent companies in the cannabis and cannabinoid space,” said David Rendimonti, President and CEO of LiveWell Canada. “As we’ve previously outlined, one of our key priorities is capturing greater market share in wholesale. The finalization of this milestone agreement is a strong validator of our ability to produce and supply some of the highest-quality hemp-derived CBD available on the market. We look forward to a strong continuing relationship with Tilray.”
Under the terms of the agreement, LiveWell will initially supply Tilray with up to 150 kilograms per month of wholesale CBD isolate, or an equivalent amount of full-spectrum CBD extract, cultivated and processed from hemp, and meeting jurisdictional regulations. As of August 2019, the amount increases to 300 kilograms per month, with an option to increase to 500 kilograms per month. The Agreement is in effect until January 31, 2020, at which time it will automatically renew for successive 12-month terms unless either party has opted out of such renewal.
LiveWell continues to leverage its leadership in the wholesale CBD market. In addition, the Company aims to penetrate the consumer products space in the second half of 2019.