(LEAMINGTON, ON) – Leamington’s cannabis grower, Aphria, has signed a letter of intent with Société des alcools du Québec to supply up to 12,000kg of product annually for Quebec’s market. The deal makes Aphria one of the first suppliers of adult-use cannabis to La Belle Province, which will be sold through SAQ’s retail outlets and e-commerce platform.
Vic Neufeld, Aphria’s chief executive, called the deal an opportunity to partner with the SAQ. He said his company is, “uniquely positioned to meet the anticipated demand in Canada’s second-largest market and we are pleased to be working closely with the SAQ and its management team as one of the first suppliers to the province.”
Under the terms of the agreement, the company will supply the Quebec market with branded cannabis products in the first year of the agreement, including cannabis oils and other derivative products, and several strains of high-quality Ontario- and BC-grown dried cannabis flower.
The news, which was released at 6:45 Wednesday morning, did nothing to increase Aphria’s share price, which continued to fall throughout the day. It started at $15.75, dropping to $15.52 by closing, and dropped even further yesterday, closing at $14.88.
So far this year the highest share price was $22.89 on January 9. It has, with a few exceptions, been declining consistently since then.