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The cannabis company Newstrike Brands Ltd. signed an agreement to create co-branded edible products with Canadian specialty food company Neal Brothers Inc., best known for its chips and salsa.
Newstrike will own 60% and Neal Brothers, 40% of a joint venture that will manufacture, distribute, market and sell cannabis-infused products.
It will also acquire a minority interest in Neal Brothers and will receive consulting services from Peter and Chris Neal under the conditional agreement, which is subject to regulatory and other approvals.
The joint venture partners will develop edible cannabis products at Newstrike's licensed facilities in the community of Lincoln, Ontario, in Niagara.
Newstrike is a publicly traded company and mother of Up Cannabis Inc., which is licensed to grow and sell cannabis. It also has a strategic partnership with the Tragically Hip Group, one of the most well-known groups in Canada.
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