A Canadian hemp company clinched a California distribution deal that will see its CBD-infused foods and waters on shelves in 550 dispensaries.
Phivida Holdings of Vancouver, British Columbia, said it struck the agreement Wednesday with Green Reef Distribution, a company in Santa Monica, California, that distributes cannabis products.
The Green Reef deal gives Phivida its first CBD presence in the U.S. market. Terms of the deal were not disclosed.
Phivida adds hemp-derived CBD to foods, juices and tinctures. The company’s stock is traded on the Canadian Securities Exchange under the ticker symbol VIDA.
California is the world’s largest cannabis market, but the state does not yet allow hemp production.
A California hemp law passed in 2016 allowed interested farmers to grow hemp under limited conditions.
But two years later the program is yet to be implemented. The result is that many CBD products for sale in California are imported from out of state.