Through ParcelPal (CSE:PKG,OTC Pink:PTNYF), Aphria’s patient customers will be able to purchase products online from its e-commerce storefront — including softgels and cannabidiol (CBD) oil — and receive their orders via the ParcelPal platform, which allows delivery tracking in real time.
ParcelPal CEO Kelly Abbott said Thursday (August 22) that the legal cannabis sector has “significant growth potential” for his company.
“We are launching our legal cannabis delivery platform at the ideal time as legislation across the country continues to expand the addressable cannabis marketplace,” Abbott added.
Canada’s medical marijuana market is expected to grow quickly over the next few years. A Statista report projects that medical cannabis will generate C$1.74 billion this year and C$2.35 billion by 2025.
The new collaboration will kick off in the city of Calgary, Alberta. The delivery company has promised that consumers will be able to receive their goods within an hour.
It’s unclear whether ParcelPal’s delivery deal with Aphria will be exclusive.
In an interview with Forbes, ParcelPal Chairman Brian Storseth confirmed the Calgary launch, but added that these delivery services will also expand to Windsor and Toronto in Ontario.
“We are thrilled to be working with Aphria, one of the largest (licensed producers) in Canada, and a major international player in the cannabis industry,” said Storseth.
The marijuana market has been steadily increasing its delivery capacities. On Monday (August 19), California-based cannabis company MedMen Enterprises (CSE:MMEN,OTCQX:MMNFF) announced a new delivery service, complete with a rewards program.
ParcelPal hopes its service will help curb driving under the influence of marijuana, as users will not need to pick it up themselves.
Last month, ParcelPal made a similar deal with The Yield Growth (CSE:BOSS,OTCQB:BOSQF), a Canadian cannabis topicals company, to distribute hemp-based cosmetics from The Yield Growth’s subsidiary Urban Juve starting in Vancouver.
In June, ParcelPal reported that it has made 2.5 million deliveries since starting operations in 2017.
Abbot indicated that the company plans to expand its partnerships in all of its verticals, including the cannabis and liquor industries, which could offer higher margins for ParcelPal.
The company also revealed a partnership with Canadian e-commerce company Shopify (NYSE:SHOP,TSX:SHOP) in June. It will integrate the ParcelPal app with Shopify’s digital platform, allowing licensed producers to ship to medical and recreational cannabis users across Canada.
At the beginning of August, Aphria reported net revenue of C$128.6 million in its fiscal fourth quarter, an increase of 75 percent from Q3.
ParcelPal shares opened at C$0.22 on Thursday and closed at C$0.19.
Aphria’s shares opened at C$8.75 in Toronto on Thursday. By close, prices were at C$8.65. In New York, Aphria opened at US$6.60 and ended the trading day at US$6.50.
Don’t forget to follow us @INN_Cannabis for real-time news updates!
Securities Disclosure: I, Danielle Edwards, hold no direct investment interest in any company mentioned in this article.
Editorial Disclosure: The Yield Growth is client of the Investing News Network. This article is not paid-for content.
As investors continue to prioritize cannabis opportunities in the US, market watchers expect mergers and acquisitions (M&A) to play a role in the future for Canadian companies.
A consolidation trend has been expected in the Canadian cannabis space for some time now based on the size of the market compared to the number of operations in the country.
BioHarvest Sciences Inc. Unveils the Unique Polyphenolic Content of Its Upcoming Olive-Based Nutraceutical
The product will include polyphenols known to have significant health benefits.
BioHarvest Sciences Inc. (CSE: BHSC) (“BioHarvest” or the “Company”) has reached an important milestone in its development program of additional Nutraceuticals. The olive-based Nutraceutical product scheduled for market availability in the second half of 2022 will contain the following unique matrix of polyphenols: hydroxytyrosol, trosol, and verbascoside. These compounds are the major polyphenols in naturally grown olives and are responsible for the high antioxidant activity of olives and olive oil. Importantly, the BioHarvest olive-based Nutraceutical product will provide all the benefits of olives and olive oil with a low calorie count per serving.
Cresco Labs (CSE:CL) (OTCQX:CRLBF) (“Cresco” or the “Company”), one of the largest vertically integrated multistate cannabis operators in the United States, announced today that it will report financial results for the fourth quarter and full year ended December 31 st , 2020 on Thursday March 25 th , 2021 before the market opens.
The Company will host a conference call and webcast to discuss its financial results and provide investors with key business highlights on Thursday March 25 th , 2021 at 8:30am Eastern Time (7:30am Central Time).
Canopy Growth to Participate in BofA Securities Virtual Consumer & Retail Technology Conference on March 11, 2021
Canopy Growth Corporation (TSX: WEED) (NASDAQ: CGC) (“Canopy Growth” or “the Corporation”) announced today that EVP & CFO Mike Lee will be participating in a fireside chat at the BofA Securities Virtual Consumer & Retail Technology Conference on Thursday, March 11, 2021 at 9:30am ET .
Hill Street Beverage Company Inc. (TSXV: BEER) (“Hill Street” or the “Company”). The Company announces that further to its press release dated March 2, 2021, it has obtained TSX Venture Exchange approval to extend the closing date of its previously announced private placement of units (“Units”) until April 7, 2021. Each Unit is comprised of one (1) common share and one (1) warrant, exercisable for one common share at price of $0.11 per share, for a period of three (3) years from the date of Closing. The Company applied to extend the date of closing to allow a greater number of interested investors to participate.
For more information regarding the Company or the offering, please contact email@example.com, or