COLORADO: Medicine Man Technologies has announced an exclusive licensing agreement with Canada House Wellness Group, through itswholly owned subsidiary Abba Medix Corp., for deployment of its intellectual property and product lines (Three a Light™, Success Nutrients™, General Intellectual Property) into the Canadian marketplace.
The licensing agreement calls for an initial payment of $4.65M (CAD) in the form of cash and stock for licensing of Medicine Man Technologies’ intellectual property, product lines, and assignment of an existing Cultivation MAX agreement to Canada House. Medicine Man Technologies will also be entitled to revenue-based fees related to this deployment over the duration of the license agreement and will be assisting Canada House’s marketing efforts.
Medicine Man Technologies’ current CEO, Mr. Brett Roper and members of the team will be working extensively with Canada House Wellness through the balance of this year to assist with the transition and product development, in particular focusing on the deployment of a highly efficient network of newly announced micro-cultivator license types in Canada as well as other goods and service offerings.
Brett Roper, Medicine Man Technologies’ co-founderand CEO commented, “We are very excited to be aligning ourselves with the Canada House team as they focus on their growth and value goals in the Canadian Cannabis marketplace. In particular, this agreement provides potential future cost-based advantages to Canada House and craft-based micro-cultivators in the evolving supply chain, providing a more viable financial operating basis. These types of opportunities facilitate the creation of additional jobs and infrastructure investments that will be very nimble and not tied down to any particular geographic area, also allowing for substantially less investment risk as we continue down this evolutionary path.”
“We are delighted to be working with Medicine Man Technologies, a leader in Cannabis cultivation technologies.” says Riley McGee, President of Abba Medix Corp. “By helping us improve our yields and quality, we believe that we will be a leading provider to the medical cannabis market and amongst one of the more sustainable and profitable companies in the industry. Our technology leadership will also be of immense benefit to the emerging micro-grower market.”