VANCOUVER, British Columbia--(BUSINESS WIRE)--Emerging leader in infused cannabis beverages, BevCanna Enterprises Inc. (CSE:BEV, Q:BVNNF, FSE:7BC) (BevCanna or the Company) is pleased to announce that Keef Brands, the highest grossing cannabis beverage company in the U.S., has taken an equity position in BevCanna.
We see a great future for the two companies working together, with both companies benefiting from the others market expertise and distribution networks, and were happy that Keef sees the same potential.
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BevCannas recently announced partnership with the award-winning brand is mutually advantageous for the two companies, with BevCanna acting as the exclusive licensee, manufacturing and distribution partner for Keef Brands in Canada, and leveraging the extensive Keef U.S. manufacturing and distribution network to access the U.S. cannabis market, which includes more than 1,000 dispensaries and delivery services across Colorado, California, Arizona, Nevada, Michigan, Oklahoma, and Puerto Rico. The partnership positions BevCanna for rapid growth within the U.S. market, in anticipation of positive federal regulatory reform with the U.S. federal cannabis legalization.
Keef Brands currently offers eight of the top ten-selling cannabis beverages in Colorado as well as two of the ten top-selling in California1. Keef
Bevcanna Homepage, 29.12.2020
Brands ranks first in the U.S. both in units and dollars sold amongst all cannabis beverage companies2. As more clarity develops around cannabis regulations in global jurisdictions, including the U.S., BevCanna will leverage the extensive network that propelled Keef beverages to its position as the highest grossing beverage brand in the U.S., to scale distribution of their ready-to-launch house beverage brands, such as Anarchist Mountain. BevCanna will launch the Keef brand across Canada over the next two quarters.
Were extremely pleased with the confidence that Keef has shown in both BevCannas future prospects and in our mutual relationship, said John Campbell, Chief Strategy Officer for BevCanna. We see a great future for the two companies working together, with both companies benefiting from the others market expertise and distribution networks, and were happy that Keef sees the same potential.
The Keef Brands investment in BevCanna reflects their strong confidence in the Canadian beverage manufacturer and their continued strength of the relationship between the two companies. The deal is structured to provide 182,500 common shares of BevCanna at a deemed price of $0.70 per share in return for BevCannas principal amount of Keef Brandss existing convertible debenture previously issued to BevCanna on April 30, 2020, which is convertible to shares of Keef.
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