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Praetorian Global, Inc., a prominent brand owner and intellectual property provider in the cannabis and hemp industry, has signed licensing agreements with Ascend Wellness Holdings Inc. (CSE:AAWH) (OTCQX:AAWH), a multi-state cannabis operator.
"With one of the strongest management teams in the industry, AWH has a proven track record of growth and stability, making them an ideal partner for our portfolio of brands," said Alex Pasternack, co-founder and president of Binske.
Under the agreement, the Binske and Oni brands will be introduced to the Illinois, New Jersey, and Massachusetts markets later this year. "Illinois, Massachusetts, and New Jersey represent some of the fastest-growing markets in the industry, and we look forward to working with AWH to capitalize on this significant opportunity," Pasternack added.
According to BDS Analytics, Illinois, Massachusetts, and New Jersey are among the top eleven in estimated 2023 total cannabis retail sales, accounting for over 17% of the U.S. market, and with projected growth of around 21.6% for 2023.
Binske is recognized as one of the leading cannabis brands globally, known for its meticulous focus on quality and consistency, with over 200 offerings and multiple awards. "The Binske brand has won numerous cannabis-related awards including Leafly's Best Overall Brand, Best Edibles, and Best Concentrates, and was featured as one of the best national brands by Weedmaps for 2022," per a press release.
Oni is widely recognized for its genetics, having created and developed many of the industry's most popular varieties.
Frank Perullo, co-CEO, president & co-founder of AWH, stated: "Adding Binske and Oni to our brand portfolio will help fulfill that commitment by bringing nationally recognized brands with top-tier products to our core markets.”
Price Action: AWH shares are trading 8.74% up on Friday afternoon, at $1.12 per share.
Image By Benzinga
