Althea’s Canadian subsidiary Peak Processing Solutions has received a binding purchase order from publicly listed cannabis company WeedMD valued at around CAD$130,000.

The initial order, part of a one-year commercial services agreement, is slated for delivery in March 2021.

Under the agreement Peak will perform a variety of services for WeedMD, including the hydrocarbon extraction of fresh-frozen cannabis biomass used to produce live resin cannabis concentrate products for sale in the Canadian adult-use cannabis market.

Althea CEO Joshua Fegan said: “Peak continues to attract strong interest from companies across Canada and the United States looking to enter the Canadian recreational cannabis market.”