(This story has been updated from an earlier version.)
Toronto-based Nuuvera has signed an offtake agreement with Verve Dynamics, a licensed medical cannabis producer in the kingdom of Lesotho.
Lesotho, a landlocked country located within the borders of South Africa, was the first African country to regulate the cultivation and production of medical marijuana products.
Under the agreement, Verve will supply Nuuvera, an internationally focused cannabis company, with 3,000 kilograms (6,600 pounds) of purified THC and CBD extract per year.
Financial terms of the transaction were not disclosed.
Antonio Costanzo, head of international development with Nuuvera, told Marijuana Business Daily the product will be available for local medical needs and export.
Costanzo said Lesotho has a climate that’s ideal for cannabis production, a skilled and accessible workforce and “sound legislation.”
In 2017, Verve said it received federal approval for the cultivation, processing and sale of medical cannabis.
Nuuvera was recently purchased by Aphria, a license producer based in Leamington, Ontario.
The companies trade on the TSX Venture as NUU and the Toronto Stock Exchange as APH, respectively.
Matt Lamers can be reached at firstname.lastname@example.org
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