BEV Stock Dips Slightly as BevCanna Signs Deal on 130 Acre Site

BEV Stock

BevCanna Enterprises Inc (CSE:BEV) (OTCPK:BVNNF) has signed a deal to grow organic cannabis on a 130-acre site; however, BEV stock is down 1.5% this morning.

BevCanna, an emerging leader in the cannabis-infused beverages industry, announced yesterday that it had signed a letter of intent with Clearwater CannGrow to cultivate organic cannabis on a 130-acre site owned by BevCanna near Osoyoos, British Columbia. The joint venture will be led by agricultural consultant Joey Bedard-Brunet and will see BevCanna combine its branding prowess with Clearwater Canngrow’s expertise in cannabis cultivation. BEV shares are currently valued at $0.44, having debuted on the CSE in July.

John Campbell, Chief Strategic Officer at BevCanna, said in yesterday’s statement, “We’ve been seeking the right partner to oversee the cannabis cultivation operations on our site. Joey is the perfect candidate – he has the experience with MMAR start-up cannabis and hemp operations that we’ve been looking for, and expertise across agricultural industries.” Investors in BevCanna stock will be hoping deals such as this will help the company find its feet on the CSE, a leading exchange in supporting the burgeoning legal cannabis industry.

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The deal bodes well for BEV stock as the second wave of cannabis legalization comes into effect next month, paving the way for the cannabis derivative markets, such as infused drinks, to really take off. This particular venture is expected to yield 10,000 kilograms of pure cannabinoids to ensure the company is well stocked up to take advantage of a market that some analysts believe could be worth over $5 billion USD by 2026.

The structure of the deal will see a new division of BevCanna Enterprises established, tentatively named BevCanna Cultivation, which will be led by Mr. Bedard-Brunet and see Clearwater CannGrow take up a three-year term as a contract grower. BEV stock is still a fledgling stock on the CSE, but investors will be hopeful that deals such as this will be key to share value growth in a market with huge potential.

>> Read More BevCanna News

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