LONDON (Alliance News) - Highlands Natural Resources PLC said on Monday that its subsidiary Zoetic Organics has signed first retail distribution and sales agreement with Schrader Oil and Ox Distributing.
Zoetic Organics is a US-focused cannabis operation established by Highlands in March. Schrader Oil Co and Ox Distributing both manage a network of stores and store distribution services across the US.
Under the initial two-year agreement, Zoetic branded pre-rolled cannabidiol smokables, ready-rolls and chew pouches will be distributed and sold in 18 Schrader Oil stores, while working towards expanding operations to additional stores.
Zoetic is aiming to deliver its first batch of smokables and ready-rolls into the stores by the start of May and the CBD chew pouches by June.
"This is a significant development for Highlands as not only does it accelerate our predicted revenues from Zoetic Organics ahead of our own first harvest but it also provides us with an early opportunity to establish the Zoetic brand," said Chair and Chief Executive Officer Robert Price.
Shares in Highlands Natural Resources were up 4.1% at 8.93 pence on Monday.