Sibannac, Inc. (OTC:SNNC), an Arizona-based company that manufactures and sells wellness products in the CPG space is making strategic moves in the burgeoning cannabis and wellness market.
The company reported it has signed an agreement with AllStar Health Brands Inc. (OTC:ALST) to explore the acquisition of retail cannabis franchises in Ontario, Canada.
Expanding Footprint And Diverse Product Offerings
Already in a Joint Venture Strategic Partnership with Tyme Cannabis Co., AllStar plans to add over 70 new cannabis retail locations throughout Ontario, pending regulatory approval.
These expansions will operate under Tyme's AGCO license, leveraging their established operational base in Hamilton, Ontario.
Sibannac's collaboration with the AllStar-Tyme group outlines the initial acquisition of up to five locations within the first year.
This partnership also opens doors for Sibannac to introduce kratom products into the Canadian market, without the need for additional licensing.
The company's diverse product portfolio includes kratom, hemp-derived Delta-8/9 products and Amanita mushroom edibles that cater to both wholesale and retail markets. Sibannac also offers contract manufacturing and white labeling services while actively developing and managing its own brands.
Sibannac's Scottsdale retail location is set to open by December 2023. The AllStar-Tyme alliance will handle operations and store build-outs for new franchisees, providing a "turn-key" retail solution.
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Photo by Hermes Rivera on Unsplash.