RavenQuest Announces Significant Cannabis Supply Agreement

Written By: Jen Neville
December 26, 2018

cannabis supply chain

cannaeastNow in its 5th chapter, Infocast’s respected Canna EAST/WEST Series comes to New York City. As before, top state regulators compare notes both with each other, and with leading operators, testing labs, regional advocacy groups, standards-setting bodies and experts. Past Summits have featured dozens of senior regulators from many different states & major counties and cities.

In addition to this audience, which cannot be found at any other expo or operator-centric event, this East Coast iteration will include a mini-exhibits area of regulatory and compliance consultants, analytics, testing, lab proficiency and certification providers, GMP consultants, and extraction, packaging and labelling solutions, which will complement the highly focused program. Learn more here.


Our readers get 10% off attendee registration using code ICNEWS10 at checkout.


RavenQuest BioMed Inc. and Wayland Group recently announced that they had entered into a supply agreement whereby Wayland would purchase up to 8,000 kg of dried flower cannabis from RavenQuest in 2019.

The total quantity will be shipped periodically throughout 2019 as product becomes available.

As part of the supply agreement, Wayland will immediately make a one-time payment of $2 million to RavenQuest in anticipation of the first major shipment of cannabis flower in March 2019.  Pricing for the transaction is comparable with prevailing wholesale cannabis prices.

“RavenQuest is very excited to be working with Wayland as we both do our part to meet the huge demand for cannabis across Canada,” stated George Robinson, CEO of RavenQuest.  “Negotiations were smooth and without major challenges; Ben Ward and his team at Wayland are a pleasure to work with. This supply agreement is a significant win for both sides of the transaction. For RavenQuest’s part, 8,000 kg represents about 80% of our estimated production for 2019, meaning this transaction provides us much more certainty when it comes to selling our 2019 production at competitive prices,” Robinson continued.

“We are thrilled to be working with George and his team at RavenQuest to provide their specialty indoor product to recreational cannabis consumers across Canada through our existing distribution network. This agreement provides for efficiencies for both companies, constructively working together to meet Canadian demand through our existing resources. At the same time, this allows us to channel our existing supply to the European market,” stated Ben Ward, CEO of Wayland.

Maricann Group Inc., through its subsidiaries, is operating under the Wayland Group name.

Subscribe to get news, insights, podcasts, videos, webinars, and events delivered to your inbox every week


More:
Cannabis Market Insights
State Cannabis Licensing Authorities Release Proposed Cannabis Regulations

Senate Passage of 2018 Farm Bill Could Provide Opportunity to Gain Big in this Uncertain Market
Q&A with Troy Dayton, CEO of Arcview Group
Chris Coulombe, Board Director at Cannabis Distribution Association

Cannabis Law Reform: Changing Attitudes in Washington Offer Promise for Cannabis Market
Q&A with Andrew DeAngelo, Director of Operations of Harborside Health Center

Cannabis Supply Chain wholesale cannabis