TORONTO, June 29, 2020 /CNW/ - Dynaleo, the Edmonton, AB manufacturer of premium cannabis-infused gummies, has signed a letter of intent with its first international partner.
Dynaleo, part of Canopy Rivers' portfolio of disruptive cannabis companies, made the announcement a week after they received their Standard Processing License from Health Canada.
"We are pleased to have entered into a non-binding Letter of Intent with Pantry, a premium cannabis-infused food brand. This agreement complements our already existing relationships with cannabis brands in Canada," says Michael Krestell, Executive Chairman.
"Pantry's focus on quality products made with natural ingredients fits perfectly with our own commitment to manufacturing gummies that are of the highest quality," he adds.
Based in Los Angeles, California, Pantry was created by a group of award-winning chefs and offers a variety of cannabis-infused food products. This is the brand's first foray into Canada.
According to the agreement, Dynaleo will manufacture and distribute cannabis-infused vegan gummies under the Pantry brand within the Canadian market.
"Pantry is excited to combine our passion for creating delicious health conscious cannabis products with Dynaleo's operational excellence. Dynaleo's facility and their state-of-the-art equipment will help us achieve best-in-class efficiencies in the market. More importantly, the Dynaleo team is what really inspired us. We are a people and culture driven organization and we couldn't be more impressed with Michael Krestell, Tom Vella and the whole Dynaleo team", says Scott Jennings, CEO and Co-Founder of Pantry.
Production on the Pantry-branded vegan gummies is expected to begin in later this year at Dynaleo's state of the art, 27,000 square-foot facility, the first industrial-scale and purpose-built high-volume cannabis edible factory in Canada.
"Dynaleo is committed to providing innovative gummy solutions for our partners. We are uniquely positioned, because of the proprietary nature of our high-volume factory, to meet consumer demand for gummies in Canada," says Krestell.
Solid edible products, led by gummies, currently comprise more than 90% of the top-selling infused products. Deloitte estimates that Canada's edibles market is worth $1.6 billion annually, while Arcview Market Research and BDS Analytics predict that the North American edibles market will be worth more than $4.1 billion by 2022. A new report from the market research firm Headset also shows an uptick in gummy purchases in several jurisdictions since the beginning of the COVID-19 pandemic.
About Dynaleo Dynaleo is an Edmonton, Alberta-based licensed processor that is focused on manufacturing cannabis-infused adult chews. Dynaleo's purpose-built manufacturing plant contains specialized production equipment that it intends to use to produce CBD and THC edibles for the Canadian market that can be customized in a wide range of flavours, textures, colours, shapes and sizes to meet customer's needs and regulatory requirements.
About Pantry Pantry is a privately-held company and one of the fastest growing infused food brands in California. Pantry sells functional food that is crafted by award winning chefs, made with only the highest quality ingredients, and lightly infused with cannabis. Products can be found today in California on the shelves of discerning dispensaries, with plans well underway to expand to additional markets in 2020.