BC Craft Supply Co Announces Operational Update and Strategic Expansion into United States National CBD Market


These actions will expand brand presence in both recreational cannabis and national CBD markets in North America, solidify sales and distribution, and streamline operations. Company will look to raise up to $10MM to fund ongoing expansion   VANCOUVER, British Columbia, June 29, 2021 (GLOBE NEWSWIRE) — BC Craft Supply Co Ltd., (CSE: CRFT) (“CRFT” or the “Company”), a diversified wellness company advancing cannabinoid and psychedelic innovation and psychotherapy, today announced a series of global operational changes designed to expand sales, distribution, and streamline operations in North America.   CRFT will undergo a strategic refocus on growth segments; leveraging Canadian cannabis expertise in the United States cannabis and CBD markets and directing regulatory expertise in Canada towards licensure in psychedelics. As part of its ongoing strategic review of the business, the Company is today announcing the following priorities:   United States – National CBD Market: CRFT will expand distribution through a $1MM investment in wholly-owned Somo Industries Inc. d/b/a FeelWell Brands (“FeelWell”). Based in California, FeelWell’s flagship cannabis brand, CLIX, produces a variety of herbal blended pre-roll cannabis products, in addition to micro-dosed THC tablets. FeelWell will launch a national direct-to-consumer (D2C) CBD brand through strategic partnerships, large-scale facility partners, and product innovation-driven from CRFT in Canada. Sales will be driven primarily through proven D2C e-commerce partner channels starting Fall 2021, with retail distribution expected to commence Spring 2022. United States – Recreational Cannabis: FeelWell will build distribution of a focused product range in the $11B California recreational THC market, which represents 15% of the total USA cannabis market. FeelWell continues to explore additional brand, facility, and device partnerships to support its cannabis market development in California. Canada – Cannabis: Growth in USA CBD markets will be driven by a focused, profitable, recreational cannabis strategy in Canada. The Company’s flagship cannabis brand, Grizzlers was launched…

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Source : BC Craft Supply Co Announces Operational Update and Strategic Expansion into United States National CBD Market

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