(TheNewswire)
VANCOUVER, December 1, 2020 - TheNewswire - CANNAMERICA BRANDS CORP.("CannAmerica" or the "Company") (CSE: CANA)(OTCQB: CNNXF) is pleased to announce that onNovember 30, 2020, it entered into a long-term licensing agreement(the "Agreement") for use of the Company's technology andprocesses with VIII Brands, LLC ("VIII Brands" or the"Licensee"), a privately held company based in Colorado,with the intent of creating Consumer Packaged Goods (CPG's) in theUnited States.
VIII Brands is a hemp branding house started in 2019for the purposes of introducing hemp-based cannabinoid CPG's intomajor retailers across the United States, where food, beverages,topicals and other consumption products are allowed.
Terms of the agreement include:
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-The initial term will be for a period of 5years;
-A licensing fee of US$1,000,000 due 24 months afterthe effective date of the Agreement;
-Ongoing monthly fees for use of the Company'sequipment to commence six months after the effective date of theAgreement;
-The Company is granted an option to purchase theLicensee;
"CannAmerica's team is extremely pleased toannounce this Agreement in the hemp-based CPG marketplace as 2020comes to a close," said Dan Anglin, CEO and Co-Founder ofCannAmerica. Mr. Anglin continued "CannAmerica has been hyperfocused on creating a path for using the Company's proprietarysystems, supply chains, processes and brand creation in the hempmarketplace since 2018. This Agreement provides the Company the pathtowards product introduction in Q1 of 2021 and provides CannAmericawith the opportunity to create products in the nationally legalmarketplace without having to create the infrastructure built by ourpartners."
Mr. Anglin continued, "The Company's excitement to help VIII Brands introduce new products to the US marketplace could not be higher, as CannAmerica's research anddevelopment is already established for confections and other edibles,as well as beverages and topicals, utilizing the Company's establishedformulations of various legal cannabinoids such as CBD, CBG, CBN andothers. With the Licensee's facility in Colorado in place and fullyoperational, the Company anticipates VIII products to hit the shelvesof their online stores and retailers early in the new year. Additionally, the Company is pleased with the option to purchase theLicensee as it puts the Company in a position to take a much closerposition in the space while increasing the Company's near-term revenuecapture while VIII launch the licensed products. Quite simply, this isa great development for the Company and a perfect way to put thechallenges of 2020 behind us as CannAmerica looks forward to many moreopportunities given the approval for cannabis legalization in variousstates in the recent election."
For further information please contact the Company at info@cannamericabrands.com .
On Behalf of the Board,
Dan Anglin
CEO / Director
CannAmerica Brands
1(844) 484-3996
About CannAmerica Brands Corp.
CannAmerica is a U.S. marine veteran founded and operated portfolio ofcannabis brands with licensing agreements in the states of Colorado,Nevada, Oklahoma, Maryland, Massachusetts and the Country of Canada.The Company aims to maximize the value of its brands by employingstrong brand management teams, marketing and licensing the brandsthrough various distribution channels, including dispensaries,wholesalers and distributors, in the United States andinternationally. The Company's core strategy is to enhance andmonetize the global reach of its existing brands, and to pursueadditional strategic acquisitions to grow the scope and diversity ofits brand portfolio. For more information, please visit www.cannamericabrands.com .
Neither the Canadian SecuritiesExchange nor its Regulation Services Provider (as that term is definedin the policies of the Canadian Securities Exchange) acceptsresponsibility for the adequacy or accuracy of this release.
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