The agreement with Portuguese distributor Smart Nature is worth about €350,000 annually.

Canzon (TASE: CNZN), which is developing branded products based on CBD (the cannabis ingredient that has no psychoactive influence) today reports that it has signed a distribution agreement with Portuguese distributor Smart Nature, which is worth about €350,000 annually. Over the past month, as part of its strategy of marketing throughout Europe, Canzon has signed distribution deals in Germany and Bulgaria.As part of the deal, the Portuguese company will be given exclusivity in the distribution of Canzon brands to about 500 points of sale in Portugal over 12 months and with the option of extending the agreement for a further 12 months. The operations will be carried out through a subsidiary operating out of Luxembourg, Canzon Europe.

In Portugal, despite the existence of legislation in the field, there is a restricted approach to cannabis based products (only products based on hemp oils are currently legal). There are no medical cannabis products or over the counter (OTC) CBD based products registered legally there today.

Smart Nature founder and CEO Aldo Vidinha said, “We have chosen to partner with Canzon because we believe their products are of the highest quality and were developed to make a difference. We are really enthusiastic with this partnership and we can’t wait to make Canzon’s products available and positively impact the quality of life of the Portuguese population.”

Canzon Founder and Chairman Alon Carmeli said: “Our expansion strategy in Europe is moving up a gear and today we are reporting that an additional deal on the continent has been completed, which will put us on the map of an additional country on the continent. This strategy of distributing products through partners, complements our extensive online activities and represents a major and significant part of the company’s strategy to develop the Canzon brand in Europe.

Through its European subsidiary, Canzon develops a line of cannabis-based products made in European laboratories, possessing the strictest standards required, which can be bought OTC. The company has 24 products in eight categories for cosmetics and paramedical use (acne, psoriasis, day and night anti aging creams, snack bars for treating problems with joints for dogs, and more).

https://en.globes.co.il/en/article-canzon-signs-cannabis-cbd-portuguese-distribution-deal-1001337354