WeedMD Inc. (TSX-V: WMD) (OTC: WDDMF), a licensed producer of medical cannabis, and Phivida Holdings Inc. (CSE: VIDA), a product development company of CBD infused beverages are in entering into a joint venture to launch a product line of cannabis infused beverages.
The newly found company is called Cannabis Beverages Inc., or “CannBev,” which plans to construct its production facility near WeedMD’s state of the art greenhouse in Ontario, Canada. WeedMD plans to build out the necessary infrastructure of a 25,000 sq. ft. building that will contain a packing area and cold storage for CanBev products.
WeedMD will have inclusive rights as Phividas cannabis supplier and distributor for CanBev products. WeedMD will supply the necessary cannabis and Phivida will focus on product formulation, development, R&D, and branding. The two companies plans to target the medical and future adult-use cannabis markets across Canada.