Eli Levy, Cann Global's Food Division Corporate Head, said, "This is a major step towards building a strong relationship with the global wholesaler who currently have 11 locations Australia and a 12th to open soon in Perth. Costco's member first policy and high quality ethos will be a perfect fit for T12's business model which includes Australia and Asia."
Costco Australia is part of the global Costco Wholesale Corporation and as reported in the Australian Financial Review (AFR - Jan 2, 2019) 'Costco nearly doubled its profits during the past financial year due to an additional warehouse generating more sales and better operational leverage, according to fresh accounts lodged with the corporate regulator.'
Costco is an American multinational corporation which operates a chain of membership-only warehouse clubs and in 2017 was ranked the second largest retailer in the world after Walmart.
Pnina Feldman, Executive Chairperson of Cann Global said, "We are very excited to receive this first order from Costco, one of Australia's largest Food Retailers, and is proof of the hard work that has gone into producing our high quality and very nutritious products which we believe will continue to set the standard for this industry in Australia. Our hemp seed oil capsules, developed by our dedicated and innovative management team led by the Edwards brothers, are a natural and plant-based alternative to fish oil capsules without the fishy after taste. We hope to see this and all our T12 products and brands on many Australian tables in the years to come and distributed across Asia."
"We congratulate Eli, Sebastian and Samuel and the entire T12 team, on receiving their first order from Costco, as we focus on achieving revenue milestones by building our market share which we believe will return significant shareholder wealth."
About Cann Global Limited
Cann Global Limited's (ASX:CGB) primary focus is to legally grow and cultivate hemp to research and develop medicinal cannabis products to service an increasing demand in the Australian and global markets.
Cann Global Ltd has a 100% shareholding in Medical Cannabis Ltd (MCL) and a management agreement with Medcan Australia Pty Ltd (Medcan) which operate a business cultivating, researching, developing and soon to be distributing medicinal cannabis products in Australia. Our Medical Cannabis division has been a key value driver for the Group.
The Group also retains an interest in its existing Bauxite Projects.
ContactCann Global Limited
Neil Sweeney, Media and Investor Relations
Link: T12 to supply Costco