Sundial Growers Inc. [NASDAQ: SNDL] has disclosed Monday it has signed a sales and distribution agreement with Choklat Inc. This agreement allows Sundial Growers to expand its product portfolio and enter the edible market.
As per the agreement, Choklat and Sundial Growers will soon introduce a cannabis-infused confectionary brand. The new brand will include drinking chocolate, chocolate bars, and infused sugar. All of the items contain 10 mg of THC. It is the maximum amount that is allowed to sell in a single edible service in Canada.
Shares of Sundial Growers Inc. [NASDAQ: SNDL] soared 83.40% during the trading session of Monday. It has a trading volume of 732.94 million shares as compared to the average volume of 33.36 million shares.
In the past 52-weeks of trading, this company stock has fluctated between the low of $0.14 and a high of $4.02. It has traded up 232.01% and -88.59%. This company has total market capitalization of $75.93 million.
The companies are expecting to target the first product in in-stores before the holiday season in Alberta. As per the agreement, Sundial Growers will be responsible for the distribution and sales of products to retailers. While Choklat will be responsible for the production and packaging of products.
This agreement will help both companies to make use of its capabilities. The specialty of Sundial Growers is the premium cannabis product productions and the specialty of Choklat is the production of conventional chocolate products.