CHRIS LOWREY
PONTIAC Aug. 22, 2018
The cannabis production company that’s in the midst of constructing a 600,000 square foot growing facility and research and innovation centre in Litchfield has inked a deal with Brazil.
The deal will see LiveWell Foods Inc. supply a minimum of 5,000 kg of Cannabidiol (CBD) to Brazil.
CBD is an ingredient in cannabis that can potentially hold medical benefits without the accompanying high that comes with another active ingredient in cannabis: THC.
Each kilogram of CDB will sell for approximately $7,000 over the next 12 months, according to a press release issued by the company.
The deal represents about 20 per cent of the expected CBD supply extracted from LiveWell’s industrial hemp biomass.
The contract also allows for annual renewals for up to five years.
“We are delighted to be able to announce our first CBD supply agreement in Brazil,” said LiveWell president David Rendimonti in a press release. “Brazil is the largest South American country and the eighth largest global economy.”
CBD has seen increased scrutiny in the last few years as different countries relax their rules to allow for further medical research.
Some research has linked CBD to positive health effects like pain relief, lowering inflammation and fighting cancer.
After securing approval from the provincial government to undertake a feasibility study last month, LiveWell was also invited to ring the opening bell for the TSX venture exchange on Aug. 21.
