Organigram Holdings (TSXV:OGI) announced an agreement with 1812 Hemp to secure supply and support research and development on the genetic improvement of hemp through traditional plant breeding methods.
As quoted in the press release:
1812 Hemp is focused on further developing a line of Canadian cultivars (specific varieties of plants cultivated to enhance desirable qualities) of high cannabidiol (CBD) yielding hemp for the Canadian climate.
Under the terms of the agreement, Organigram will have access to a secure supply of hemp flower which contains significant levels of cannabidiol (CBD cultivars ranging from 4 [percent] to 8 [percent]). CBD is a naturally occurring active ingredient in hemp and cannabis that is currently being studied for various therapeutic uses.
“Maximizing the CBD yield of hemp and cannabis means being able to meet increasing consumer demand for CBD while reducing overall production costs,” explains Greg Engel, CEO Organigram. “We are proud to work with other industry-leading companies and researchers to continue to explore the potential of hemp and cannabis plants and the efficiency with which we can deliver CBD to our customers.”