GLG secures CBD deal with EWPG10 Dec 2019
GLG Life Tech has announced its newly signed agreement with East West Pharma Group (EWPG) for the distribution of cannabidiol (CBD) products.
Under the terms of the five-year agreement, GLG will have exclusive distribution rights for EWPG’s CBD products, including extracts, distillates, and isolates, across Canada and Europe.
In partnering with EWPG, GLG says it expects to deliver large volumes of high-quality CBD products to other companies in the CBD space for use in their end-consumer products.
EWPG has the capacity to produce 350 MT of CBD products annually, with GLG expecting to sell a significant percentage of that volume. EWPG has access to plant strains with especially high levels of CBD, which will enable EWPG to achieve optimal processing efficiency for its CBD products. With this efficiency and high-quality industry standards applied throughout the production chain, GLG believes it will in turn be positioned to offer the highest quality and highest purity CBD extracts, distillates, and isolates on the market today.
GLG’s decision to enter the CBD space by partnering with EWPG aligns well with the company’s historical business focus and core competencies, it says, noting that both stevia and CBD are, at root, agricultural products with successful endeavours stemming from access to high-quality cultivars containing elevated levels of the essential plant molecules.
Dr. Luke Zhang, the Company’s CEO and Board Chairman, said: “We could not be more excited to be entering the rapidly growing CBD space on the strengths of our partnership with East West Pharma and our many years of experience selling high-quality cost-competitive extract products around the world. Knowing that we have joined forces with the best manufacturer for the production of high-quality CBD products gives me great optimism for our future successes in selling major quantities of these CBD products at attractive price points in Canada, Europe, and beyond. We look forward to a long and successful partnership with EWPG.”
EWPG’s CEO John Vu said that “partnering with GLG – with their long-standing reputation for consistently delivering high-quality products globally – can only make the future of EWPG that much brighter. We thank the GLG team for this wonderful opportunity to showcase our skills and especially our CBD products to the world.”
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