WASHINGTON: Canna Brands, Inc. (CBWP) (“Canna Brands” or the “Company”) today announced the signing of a Letter of Agreement (Agreement) with Nana’s Secret Soda and its founder, Cecilia Sivertson. Among its various provisions, the Agreement provides for a new company to be incorporated to take ownership of all intellectual property related to the Nana’s Secret Soda brand. Alison Baird, Canna Brands Chief Operating Officer, will become the new company’s President and Cecilia Sivertson, its Official Spokesperson and a Director. Canna Brands will provide day-to-day management services to the new company and receive a brand-licensing fee.
In accordance with the Agreement, Canna Brands will also provide capital funding to the new company for operations, including the establishment of a compliant manufacturing facility and will finance the acquisition of bottling equipment and related items to position Nana’s Secret Soda for growth.
CEO Mark Schaftlein stated:
“Nana’s Secret Soda is the premier cannabis infused soda brand in the State of Washington. Cecilia Sivertson is a pioneer and one of the most loved and quoted figures in the infused cannabis goods industry. Canna Brands is both pleased and honored that Cecilia would sign this Agreement with our Company. We look forward to growing the Nana’s Secret Soda brand and to helping support Cecilia’s work benefiting persons with epilepsy.”