Spyder Cannabis Signs Premium Hemp Supply Agreement for New SPDR(R) Hemp CBD Product Line
Spyder Cannabis Inc.(TSXV:SPDR, $SPDR) has signed its first hemp agreement for the supply of full-spectrum products to support its debut of a hemp-infused product line to be sold across the United States under its SPDR brand.
Spyder Cannabis was founded in Ontario, Canada in 2014 and is an established chain of three high-end vape stores, and two cannabis accessory stores in the province with locations in the cities of Woodbridge, Scarborough, Burlington, Pickering and Niagara Falls. The Spyder brand has made a name for itself for it’s high-quality proprietary line of e-juice, liquids and exclusive retail deals, dispensed in uniquely designed stores creating the optimal customer experience. Spyder looks to build off this leading retail, distribution and branding eCig and vapes company and is pursuing expansion into the legal cannabis and hemp derived market. Spyder has developed a scalable retail model with plans to create a significant footprint with targeted and disciplined retail distribution strategy focusing on Canadian retail and U.S. boutique retail and kiosks in high traffic peripheral areas.
The new product line and supply agreement will see Spyder expanding its chain of hemp-infused medical and lifestyle product shops with their new brand called SPDR (R). These boutique shops will stock Spyder’s SPDR (R) branded hemp infused products developed for an aging, health and wellness demographic. Spyder will offer a wide array of hemp-infused product offerings including; muscle balm, face oil, body lotion and bath salts, as well as hemp-infused tinctures, capsules and sprays. In addition, hemp is a natural source of CBD, the non-intoxicating component of cannabis that can be used for health and wellness purposes in jurisdictions where legally permitted.
The hemp industry is booming and has the potential to become a $22 billion business by 2022, according to cannabis-focused research firm Brightfield Group. “Spyder plans on executing an aggressive expansion plan to create a significant retail brand in the U.S. hemp market,” stated Daniel Pelchovitz, CEO and President of Spyder. “We are very pleased to partner with this producer which will provide the product formulation and packaging to help create a premium product line for consumers across the U.S.”
The initial launch will feature four distinct hemp-derived products; Balms at 125mg and 500mg strength, Tinctures at 300mg, 500mg and 1,000mg strength, Soft Gel Capsules at 15mg strength and a Pet CBD line starting with tinctures at 300 mg strength.
