Cann Group Ltd. (ASX:CAN) just announced that the company has executed a licensing and distribution agreement with CannaKorp, the Massachusetts-based startup behind the "Keurig of Cannabis", or the CannaCloud.
Related: MedReleaf Partners with Pod-Based Vape Developer, CannaKorp
In case you aren't familiar with the CannaCloud, it is the world's first single use, pod-based cannabis vaporizing system. The system uses recyclable one-use pods that are filled with precisely measured ground cannabis flower before being sealed for freshness.
Related: Kush Bottles to Develop Packaging for "Keurig of Cannabis"
Under the terms of CannaKorp's agreement with Cann Group, Cann Group has been granted a licensed to import and sell the system in Australia and New Zealand. The company was also granted manufacturing rights for the pods and nine-months of exclusivity following the necessary regulatory approvals. Cann is also permitted to manufacture pods for other medical cannabis licensees. Both of the companies will be working together to attain the required regulatory clearances.
Related: Cann Group Gets Permits to Cultivate in Australia
Cann Group's CEO, Mr. Peter Crock
"This agreement represents an important development for Cann. We look forward to working with CannaKorp to make this System available in Australia, which once approved will provide doctors with the ability to prescribe medicinal cannabis as an efficient, measured dose."
CannaKorp's CEO and Co-Founder, James Winokur
"CannaKorp continues to seek high quality partners around the world such as Cann Group. Cann's vision to be a leading cultivator in Australia and desire to be a significant research contributor to the world's understanding of the medicinal benefits of cannabis is impressive. We're very pleased they view our delivery system as beneficial to their own goals and beneficial to patients in Australia."
In today's trading in Australia, shares of Cann Group rose 11.43% on volume that was lighter than its 30-day average volume. Since their listing in May, Cann Group is up more than 75%!
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