CANADA: Xanthic Biopharma (formerly Aurquest Resources Inc.) has announced a licensing and strategic partnership agreement with Avitas CBD Water.
Avitas, based in Portland, Oregon, will be producing and distributing CBD-infused water, co-branded with “Powered by Xanthic Solubles.” Under the terms of the Agreement, Xanthic is making a strategic investment in Avitas, acquiring a 45% ownership position in exchange for a cash payment of USD$600,000 and the issuance of up to 600,000 common shares of Xanthic, with an aggregate value of USD$300,000 at USD$0.50 per common share, subject to certain performance milestones over the next 12 months.
Avitas is currently seeking distribution, and is planning to be in production by April 2018.
Ryan Maxson, Co-Founder and CEO of Avitas comments, “We are proud to be one of the first companies to license the Xanthic brand and look forward to entering the West Coast market. Our team has over two decades of combined experience in both the food and cannabinoid industries. With our vision and Xanthic’s support, we expect to make waves in the infused water category.”
Tim Moore, the CEO of Xanthic, states, “This strategic partnership is Xanthic’s first step in proving that our proprietary technology is a viable licensing investment for producers and distributors across North America. We’re thrilled to be able to not only license our brand to Avitas, but to also work as a strategic partner to assist Avitas with their penetration of the infused water market. Moving forward, our corporate vision is to continue to provide the “Powered by Xanthic” technology to producers and distributors across various product categories and in multiple jurisdictions.”