Colorado edibles firm partners with Florida MMJ company on sales

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Colorado edibles company Wana Brands is partnering with a Florida medical cannabis business to sell each other’s products in a move that permits both firms to expand their geographic footprint.

Boulder-based Wana Brands said it has signed a reciprocal licensing deal with Alternative Medical Enterprises, or AltMed, based in Sarasota, Florida, the Denver Post reported. Financial terms weren’t disclosed.

Under the agreement, AltMed will manufacture and sell Wana Brands’ products in Arizona, and Wana will produce and distribute AltMed’s products in Colorado.

The Post noted the deal is part of a growing trend known as pharmaceutical-quality medical marijuana. The two companies are targeting women, baby boomers and senior citizens.

AltMed sells inhalers, transdermal patches and topicals, among other products. An AltMed official told the Post most of the firm’s executives have a pharmaceutical background and “bring with them a scientific approach to this industry.”

Along with its edibles line, Wana sells a product called WanaCapsXR, which are extended-release medical marijuana capsules that look like pills and come in a pill bottle.

According to the Post, AltMed has signed similar agreements in other states as well as Canada and Puerto Rico, but this would be the first to actually materialize. Both companies are hoping to start selling each other’s products by the end of the year.