Israeli cannabis start-up StickIt, the developer of "Cannabis Sticks" for inserting into a cigarette, announced the signing of a cooperation agreement with Green Globe International’s subsidiary Hempacco, a leader in the production of Herb and Hemp cigarettes, for $750,000.
Under the agreement, the two companies will build a factory to produce "cannabis sticks" from a CBD component. They are intended to produce about 10 million sticks every month, for the American and Mexico markets. The factory, which will be built in California, USA, is anticipated to become operational in January 2022 and is expected to generate millions of dollars of profits in the first few months.
StickIt, founded in 2019, has developed a cannabis stick reminiscent of a toothpick, that enables people to smoke cannabis, by simply inserting the active material into an existing cigarette. Since traditional rolling is often inconvenient and time-consuming and generally not conducive to casual or impromptu cannabis consumption, their product is great for the increasingly rising cannabis market. The stick consists of a source extract of cannabis components, that is not oil-derived, to ensure it burns as fast as the cigarette while saving the cumbersome need of rolling.
Partnering up to lead the cannabis industry
In early 2021, StickIt signed a distribution agreement to market the product in Spain in partnership with a CBS distribution network, with 5,000 points of sale and 20 trading sites. Additionally, StickIt has agreements both in England and Switzerland and has closed distribution contracts with over 30,000 points of sale. StickIt’s Founder, Dr. Asher Holtzer, claims that the agreement with Hempacco is expected to strengthen their presence in the US and Mexico markets, but generally, all their overseas partnerships are making StickIt a leading company in the cannabis industry.
Eli Ben Harush, CEO of StickIt said, "This is a significant move for the company, as part of its expansion and growth strategy for overseas markets. Just recently, we announced our launch on the Canadian Stock Exchange at a value of $ 50 million. We have received huge investment requests and we are happy to allow our investors to grow with us. We will be at the forefront of the technology of the global cannabis industry."