Business
Allied Signs Monthly Recurring Purchase Order for Sale of Proprietary Cannabis Product
Allied Signs Monthly Recurring Purchase Order for Sale of Proprietary Cannabis Product.
About this update from Allied Corp.
[{"type":"text","content":"\n KELOWNA, British Columbia, Oct. 16, 2020 (GLOBE NEWSWIRE) -- In follow up to obtaining the approval to sell as published on the October 15th, 2020 press release, Allied Corp. (“Allied”) (OTCQB: ALID), has now signed its first monthly recurring purchase order. Allied is an international medical cannabis company focused on creating and providing targeted cannabinoid health solutions to address today’s medical issues. Allied is pleased to announce the signing of its first monthly recurring forward purchase agreement (the “agreement”) with Mistral Consulting Group (“Mistral”) for the sale of Allied’s proprietary cannabis products. The agreement consists of a monthly recurring purchase order of extracted cannabis products in quantities scaling from 1-5kgs per month to 50kgs per month for each month between November 2020 and March 2021. Both parties have written into the agreement that they anticipate this monthly quantity to scale to larger quantities beyond the 50kgs per month. The term of the agreement is set for a 12 month recurring monthly purchase cycle with the option to continue for another 5 years beyond the first 12 months. The product under the purchase order will meet quality assurance standards such as the testing parameters contained in the European Pharmacopeia standards for the US and European markets, GACP (Good Agricultural Collection Practice) Standards, and GPP (Good Production Practices) to meet the standards for the Canadian market. The achievement of these criteria will be evidenced by the detailed batch records and certificates of analysis laboratory testing results that Allied performs for each harvested batch. “This agreement with our first buyer is a strong validation that our efforts have paid good dividends from our purposeful approach to building value,” said Calum Hughes, CEO of Allied. “Our team has really taken the right steps to build the proper foundation in order to scale our sales quickly. By signing our first revenue generating agreement, we have achieved a key goal of strengthening our balance sheet in order to position the company for rapid revenue growth.” For more information on Allied Corp., visit www.allied.health About Allied Corp.Allied Corp. is an international medical cannabis production company with a m...