Cannabis-extract drinks set for US
US companies Noho and Miracle Smoke have partnered to develop, manufacture and distribute cannabidiol beverages throughout the US.
Cannabidiol is a non-psychoactive component found in cannabis and it is said to have medicinal benefits.
The closing of the proposed transaction is subject to the completion of due diligence and other agreements and it is scheduled on or before 30 June.
Jay Grdina, CEO of Noho said: "We have been researching the cannabidiol (CBD) landscape over the last year and believe it to really be a strong market for us to enter into.
"We believe together with Miracle Smoke we can develop a superior product to what is currently in the fragmented market space. Once we finalise the development of our first CBD pain-relieving beverage products we will be adding them into our current Noho retail distribution network."
Noho produces 2oz shot The Hangover Defense.
Tom Flair from CBD industry watchdog CBDRA.org said: "All the Miracle products that we have ever tested have been the highest quality and most potent available. This is a great time to combine CBD products with a company like Noho."
Sectors: Soft drinks
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