Tilray Brands,(NASDAQ: TLRY), and Charlotte’s Web Holdings (OTCMKTS: CWBHF) have announced a new strategic alliance to distribute CBD hemp and extract products throughout Canada.

The two companies say that the new endeavor will bring the core offerings of Charlotte’s Web to Canadian consumers through Tilray’s established distribution network.

Jacques Tortoroli, CEO of Charlotte’s Web commented: “Charlotte’s Web is thrilled to be partnering with Tilray Brands, a respected global category captain. This underscores our strategic expansion into international markets with leading domestic partners by leveraging well-established infrastructure, co-production, and route-to-market capabilities.”

Blair MacNeil, President at Tilray Canada stated: “This is an exciting time for the Canadian CBD market as more Canadians seek natural wellness options. Partnering with Charlotte’s Web, the market leading CBD brand, opens new opportunities for Tilray Brands in Canada as we evolve our distribution channels from the dispensary model to natural wellness retail channels and eventually mass retail opportunities.”

Initial rollout is expected to begin in early 2023 for hemp extract oil tinctures, followed by gummies and topicals.

Tilray Brands is a leading global cannabis-lifestyle and consumer packaged goods company with operations in Canada, the United States, Europe, Australia, and Latin America. Charlotte's Web is a market leader in innovative hemp extract wellness products under its family of brands.

Shares of Tilray trade on the NASDAQ under the ticker symbol TLRY while Charlotte's Web trades on the OTC marketplace under the symbol CWBHF.