BC Craft Supply Co Ltd., a diversified wellness company advancing cannabinoid and psychedelic innovation and psychotherapy, today announced a series of global operational changes designed to expand sales, distribution, and streamline operations in North America.
CRFT will undergo a strategic refocus on growth segments; leveraging Canadian cannabis expertise in the United States cannabis and CBD markets and directing regulatory expertise in Canada towards licensure in psychedelics. As part of its ongoing strategic review of the business, the Company is today announcing the following priorities:
- United States – National CBD Market: CRFT will expand distribution through a $1MM investment in wholly-owned Somo Industries Inc. d/b/a FeelWell Brands (“FeelWell”). Based in California, FeelWell’s flagship cannabis brand, CLIX, produces a variety of herbal blended pre-roll cannabis products, in addition to micro-dosed THC tablets. FeelWell will launch a national direct-to-consumer (D2C) CBD brand through strategic partnerships, large-scale facility partners, and product innovation-driven from CRFT in Canada. Sales will be driven primarily through proven D2C e-commerce partner channels starting Fall 2021, with retail distribution expected to commence Spring 2022.
- United States – Recreational Cannabis: FeelWell will build distribution of a focused product range in the $11B California recreational THC market, which represents 15% of the total USA cannabis market. FeelWell continues to explore additional brand, facility, and device partnerships to support its cannabis market development in California.
- Canada – Cannabis: Growth in USA CBD markets will be driven by a focused, profitable, recreational cannabis strategy in Canada. The Company’s flagship cannabis brand, Grizzlers was launched in Alberta and Ontario in Summer 2021. CRFT will expand distribution through a $2MM investment in the Grizzlers brand to support inventory, distribution, and long-run brand building. The Company continues its mission to leverage the expertise of Canadian craft producers to build stronger local communities through enduring craft products.
- Canada – Psychedelics: With a core focus on plant-based innovation, CRFT sees tremendous potential in capturing and applying cannabis-based innovation/IP to psychedelic compounds derived from mushrooms. Its pre-clinical subsidiary, AVA Pathways Inc. (“Ava Pathways”), remains focused on neuroplasticity and alternative ways to treat common and debilitating medical conditions such as depression, anxiety, PTSD, and substance use disorder, through the use of psychedelic-based treatments. The AVA Pathways team is currently expanding headcount and is committed to securing licensure by Health Canada.
“We believe in the power of the cannabis markets in the United States, fueled by the right partners, innovation, and scale,” said Matthew Watters, CEO of CRFT. “The strategic prioritization of a cannabis and CBD strategy in the United States, fueled by our success, innovation, and clout in the Canadian marketplace, are important steps in creating an enduring vision for CRFT. We will also continue our focus on plant-based innovation, bringing our history of success in cannabis to the psychedelic realm with the expansion of the AVA Pathways team in Canada.”
In connection with the Company’s refocus on the growth and development of its business as noted above, it will also look to raise up to $10MM in working capital to support these initiatives through private placements with strategic business partners and investors. The terms and conditions of the private placements will be announced as and when they material develop by way of further news release updates and will be in accordance with the policies of the CSE and Canadian Securities Laws.
About BC Craft Supply Co LTD
BC Craft Supply Co Ltd. is a diversified wellness company advancing cannabinoid and psychedelic innovation and psychotherapy. The Company offers a reimagined vision for craft markets through collaboration, expertise, and adaptation. Its operations include:
- CRFT a curator and aggregator of craft cannabis, providing advocacy and access for premium small-batch growers to Canada’s cannabis market;
- Medcann Health Products – a cultivation and processing facility in Chemainus BC;
- FeelWell Brands, a successful cannabinoid brand house licensed in the state of California; and
- AVA Pathways a pre-clinical biotech company focused on neuroplasticity and mental health applications using psilocybin and compounds derived from mushrooms.
BC Craft works with local artists cross-sector and remains fervently committed to keeping the art, technique, and purity of their pursuit.