Vertically integrated cannabis company Hollister Biosciences Inc. (CSE: HOLL) announced a licensing agreement Friday with actor, comedian and cannabis icon Tommy Chong to produce and sell Tommy Chong’s Cannabis Full Spectrum Elixir 1:1.
The tincture offers a 1-to-1 ratio of THC to CBD, and it has already been praised for its medicinal qualities, the company said. It is created from high-quality, California-grown cannabis.
The tincture will be distributed solely by Hollister Cannabis’ distribution partner, Indus Holdings, Inc. (CSE: INDS), with the first sales expected at the beginning of March.
The company said it plans to manufacture up to 25,000 units of the tincture in the first 12 months of the agreement, with a projected retail price of $70 per unit.
„I only partner with the best-in-class companies and I am really pleased to have the Hollister Cannabis Co. bring their amazing Tommy Chong’s Cannabis Full Spectrum Elixir to the market for me,” Chong said in a statement.
Hollister Cannabis Co. CEO Carl Saling said the company is honored and excited to partner with the „Up In Smoke” star.
„Tommy has experienced the medical benefits of cannabis and we are looking forward to working together to launch Tommy Chong’s Cannabis Full Spectrum Elixir into the California Legal Cannabis marketplace.”
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Hollister Biosciences Signs LOI For Joint Venture With Tactical Relief
Hollister Biosciences also announced Friday that it has signed a letter of intent to finalize a joint venture agreement with the CBD oil brand Tactical Relief.
After completing the agreement, the companies will work together to create and advertise cannabis tinctures across California, according to a press release.
The first tincture product will be Tactical Relief-branded, with a 20-to-1 ratio of THC to CBD, which is acknowledged for helping people with post-traumatic stress disorder, the company said.
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