Canopy Growth (CGC) - Get Canopy Growth Corporation Report struck another partnership deal Thursday after announcing it entered into a partnership with vape accessories distributor Greenlane Holdings (GNLN) - Get Greenlane Holdings, Inc. Class A Report to give that company exclusive U.S. distribution rights for its Storz & Bickel vaporizers.
Storz & Bickel is a 22-year-old vaporizer company owned by Canopy Growth that is based in Germany. Greenlane has over 11,000 retail locations across North America, and Canopy hopes to utilize its distribution network to increase Storz & Bickel's market penetration.
"Establishing and extending this exclusive partnership with Greenlane has played an important role in cementing Storz & Bickel's brand reputation for quality, safety and performance in the United States," said Canopy Growth Chief Technology Officer Peter Popplewell.
The agreement further strengthens Greenlane's working relationship with Storz & Bickel.
"We have worked with Storz & Bickel since Greenlane's inception in 2005 to launch dozens of its products, introducing the legendary Volcano vaporizer to the U.S. market and establishing it as the gold standard of desktop vaporizers," said Greenlane CEO Aaron LoCascio. "The extension of our relationship through this exclusive agreement with Canopy Growth will allow us to introduce even more North Americans to this premiere brand and pristine line of vaporizer products."
Greenlane shares jumped 8.9% to $8.68, while Canopy rose 3.14% to $33.22.