Quebec-based company SiliCycle is expected to become a derivative product supplier for the Société québécoise du cannabis (SQDC) in 2021.
Recently, the company’s Tyche CBD affiliate signed a letter of intent with SQDC that is expected to lead to the purchase of certain Tyche brand products, such as oils, sprays and capsules.
The amount that could reach this agreement as well as the size of the order were not disclosed. This is the first signing in the field of cannabis for the Quebec company.
“We want to become the preferred supplier of the SQDC for all derivative products”, advance in Newspaper Tyche CBD Vice President of Business Development, Stéphane Maher.
In recent months, SiliCycle mentions having obtained the necessary authorization from the Autorité des marchés publics as well as its cannabis processing license from Health Canada.
Management is now awaiting its Ottawa sales license. This step should make it possible to transform the letter of intent with the SQDC into an order form.
Since 2019, SiliCycle has injected $ 25 million into the expansion of its plant in Quebec, which will be able to reach a production of more than 10 million bottles per year, in the purchase of equipment and in the establishment of a new cannabis-focused entity, PurCann Pharma.