BOUGAINVILLE VENTURES announced that the board of Directors have approved the terms of a Contract Production Agreement (the Production Agreement) with a Co-packing Company subject to acceptance of final terms, to produce and process dedicated line of Cannabidiol derived (CBD) products which include the proprietary CBD blended, Medium Chain Triglycerides (MCT) Oils tincture product for anxiety, energy and sleep recently acquired from the Island Biopharma Inc., acquisition.
Image: Bougainville Ventures signs deal with Co-Packing Company. Photo: Image by rawpixel from Pixabay.
The Co-packing Company is a fully-licensed cannabis co-packing and bottling company that operates to GMP standards. The Production Agreement will enable Bougainville to launch its patented line of bio-cannabis MCT Oil tincture products cost effectively.
Pursuant to the Production Agreement the co-packing company has agreed to provide product development, manufacturing, and distribution of our CBD blended MCT Oil tincture products for anxiety, energy and sleep. Bougainville Ventures will commit to a minimum purchase order of 1,000 gallons or 56,000 units.
Packaging costs are very competitive with industry norms for the nutraceutical and herbal treatment products and the company’s strategy is primarily to sell to the wholesale market first.
According to an estimate from cannabis industry analysts the hemp-CBD market alone could reach $22 billion by 2022. CBD can be used to effectively to treat epilepsy, anxiety, insomnia and chronic pain. The Island Biopharma CBD line is designed to harness the healing power of cannabis without the psychotropic effects of THC.
Source: Company Press Release