A large-scale East Ladner greenhouse that’s making the conversion to pot recently announced a major deal to get into the Asian market.
AgraFlora Organics International Inc. has a partnership with Houweling Nurseries that will see the conversion of a 2.2-million-square-foot greenhouse for cannabis production. The 20-hectare (49-acre) facility on 64th Street will be the second largest cannabis greenhouse in Canada among those that are currently physically built.
AgraFlora’s latest news is that it has entered into an agreement to acquire 50 per cent of the issued and outstanding shares of Eurasia Infused Cosmetics Inc., a so -called “farm-to-face” CBD processing, manufacturing and distribution venture for the Asia Pacific region.
Eurasia Infused, by way of a commercial concession with Hong Kong domiciled CBD Group Asia Ltd., controls a distribution agreement for CBD and hemp-derived beauty and wellness products for the territories of People's Republic of China and Hong Kong Special Administrative Region, according to a news release.
AgraFlora says the distribution agreement extends its diverse portfolio of CBD-infused and/or hemp-oil-derived CPG personal care products, for which CBD Group Asia will have an exclusive for sales in China, including but not limited to CBD-infused cosmetics, hemp body soaps, hemp-derived lotions and skin serums, and CBD-infused sunscreen.
Brandon Boddy, chair and CEO of AgraFlora, said according to Hong Kong-based investment company Regent Pacific Group, the CBD market in China alone is forecasted to be worth $15 billion US by 2024, citing beauty and wellness as the primary catalysts.
Other deals AgraFlora is involved with include acquiring a major interest in a Canadian cannabidiol cosmetics/topicals manufacturing company as well as a manufacturer and distributor of chocolate and sugar confectionary products.
Last year it also announced a partnership with Houweling Nurseries owner Casey Houweling to form a venture called Propagation Services Canada Inc. to provide “flower ready” starter plants to cannabis cultivators in Canada and internationally.
Statistics Canada recently released figures showing Canada’s legal cannabis industry output has doubled since this country legalized recreational cannabis last October, now almost surpassing the black market.
Edible cannabis, cannabis extracts and topicals will become legal next month.
