Business
Boosh Enters Into US Licensing Agreement and Line of Credit
Vancouver, British Columbia--(Newsfile Corp. - August 31, 2023) - Boosh Plant-Based Brands Inc.&...
About this update from Boosh Plant-based Brands, Inc.
[{"type":"text","content":"Boosh Enters Into US Licensing Agreement and Line of CreditVancouver, British Columbia--(Newsfile Corp. - August 31, 2023) - Boosh Plant-Based Brands Inc. (CSE: VEGI) (OTCQB: VGGIF) (FSE: 77i) (\"Boosh\" or the \"Company\") a premier plant-based brands in the health food sector, announces the entering into of an exclusive US license agreement (the \"Licensing Agreement\") with Simple Yummy Chips, LLC, (the \"Licensee\") for the sale and distribution of chips, crackers, rings, and other bean-based snacks made by Beautiful Beanfields Inc. (\"Beautiful Beanfields\"), a wholly-owned subsidiary of the Company. The Licensee will pay to the Company a license fee equal to seven (7) percent of the cost of goods sold (\"COGS\"). For further clarity, COGS includes the cost of raw materials, co-manufacturing, packaging, shipping before the finished product, and the warehousing of raw materials. Under the Licensing Agreement, the Licensee will also need to meet annual minimum sales targets.CEO Yummy Chips, Damon Levy and CEO Boosh Plant-Based Brands, Connie Marples at UNFI trade show in June 2023To view an enhanced version of this graphic, please visit:https://images.newsfilecorp.com/files/7944/179173_boosh_plant_based_550.jpgAdditionally, the Company has entered into a line of credit agreement (the \"Line of Credit Agreement\") with Tahoe Blue Nutrition, LLC, which will provide for up to $1,000,000 USD to Beautiful Beanfields to cover accounts payable related to production. The line of credit will bear interest pursuant to the terms of a secured promissory note (the \"Note\"). Until repayment is made in full, interest will accrue on the unpaid principal of advance at a fixed rate of fifteen (15) percent per annum. Beginning on October 1, 2023, the Company will make monthly interest payments for all accrued interest. CEO Connie Marples states, \"This arrangement offers many benefits to support the company's growth and provide shareholder value. It allows the tremendous US demand to be met without our capital or resources, while giving us a guaranteed profit and allowing us to focus on Canadian and global growth.\"A bit of background on Yummy Chips CEO, Damon Levy. Damon joined Caveman in 2019 to lead digital marketing and moved into the CEO role in 2023. He successfully led the organization through key phases of development, f...