Cannabis multi-state operator Tikun Olam has inked an exclusive state partnership with Florida cannabis provider VidaCann, Benzinga has learned.

Why It Matters

VidaCann is one of 14 state-licensed medical cannabis providers in Florida. The partnership allows Tikun Olam to penetrate the Florida market, with its branded products of vape oils, tinctures and topicals now on sale at all VidaCann dispensaries in the state.

Financial terms of the deal were not disclosed.

“Florida is arguably one of the fastest-growing medical cannabis markets in the world, especially among the elderly,” said Tikun Olam CMO Stephen Gardner, referring to the over 200,000 patients enrolled in Florida’s program. “Our partnership with VidaCann ensures that we can bring the word-renowned Tikun Olam quality and consistency to Florida patients, while having the growth capacity to meet increasing patient demand.”

VidaCann VP of Product Development Peyton Moseley discussed the brand's growth plans.

"VidaCann has an aggressive expansion plan which includes doubling our state-of-the-art greenhouse space by the end of 2019. Our dispensaries are strategically located in prime locations to ensure that 95 percent of the population in Florida is within 50 miles of a VidaCann dispensary,” Moseley told Benzinga in a statement. “Coupled with our statewide delivery, we are making sure patients have access to the products they need."

What’s Next

The partnership also allows VidaCann to expand its operations from two state-of-the-art growhouses to four, increasing capacity from 70,000 square feet of cannabis cultivation to 140,000 square feet.

Moseley also discussed the demand for Tikun Olam products and next steps for the dispensary.

"We have already seen the excitement and anticipation from patients across the state for Tikun product and expect that demand will remain high. Tikun products are now available in all of our dispensaries, with more rolling out over the coming weeks," he said.

VidaCann also expects to open an additional six dispensaries by the end of this summer.

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