CRYM - CryoMass signs $10.2M multi-state license agreement with RedTape
- CryoMass Technologies ( OTCQX:CRYM ) signs a multi-state license agreement with California-based RedTape Core Partners following the successful market launch of the company’s patented cryogenic Trichrome Separation system.
- Under the terms of a multi-state license agreement, RedTape agreed on the terms to license the patented process and deploy 12 Trichome Separation systems for a total upfront investment of $10.2M payable in installments to CryoMass throughout 2023.
- CryoMass has agreed to deliver the units to RedTape according to a schedule that extends over 24 months.
- In addition to the installments, RedTape will pay CryoMass 50% of all net revenue generated by the units over the life of the agreement.
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CryoMass signs $10.2M multi-state license agreement with RedTape