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Algae Dynamics Corp Enters Into a Letter of Intent With Bonify to Produce Unique Cannabis Oil Products; Accelerates Go-to-Market Strategy
Algae Dynamics Corp Enters Into a Letter of Intent With Bonify to Produce Unique Cannabis Oil Products; Accelerates Go-to-Market Strategy.
About this update from Canaquest Medical Corporation
[{"type":"text","content":"\n \n \n Algae Dynamics Corp Enters Into a Letter of Intent With Bonify to Produce Unique Cannabis Oil Products; Accelerates Go-to-Market Strategy\n \n \nAlgae Dynamics Corp Enters Into a Letter of Intent With Bonify to Produce Unique Cannabis Oil Products; Accelerates Go-to-Market Strategy\n \n TORONTO, ON--(Marketwired - Aug 16, 2017) - ALGAE DYNAMICS CORP (OTCQB: ADYNF) (the \"Company\"), a company focused on the development of unique health products and pharmaceuticals utilizing cannabis and algae oils, today announced that it has further refined its relationship with 6779264 Manitoba Ltd dba Bonify (\"Bonify\") in a Letter of Intent (\"LOI\") dated August 10, 2017. Bonify is a Licensed Producer, pursuant to the Access to Cannabis for Medical Purposes Regulations in Canada, with the capability to grow multiple strains of cannabis in its state-of-the-art 320,000 square foot facility. \n The Company previously announced a Memorandum of Understanding with Bonify on May 9, 2017, in which Bonify agreed to supply raw cannabis plant material for processing into cannabis oil for sale and for use in research. In the recently completed LOI, the Company and Bonify have outlined the following: \n 1) The purchase and installation of cannabis oil extraction equipment by the Company in Bonify's facility;\n 2) The processing of cannabis material supplied by Bonify and other Licensed Producers in the oil extraction facility;\n 3) The supply of cannabis oil and algae omega-3 oils to The University of Waterloo and University of Western Ontario to support the Sponsored Research Agreements that the Company has in place with the two universities; and\n 4) The sharing of direct expenses, and, after adjustment for the market value of cannabis material supplied by Bonify and third parties, sharing of revenues from the sale of cannabis oil and algae-cannabis oil products.\n The term of the agreement is for three years from the commencement of operations and is renewable by mutual agreement. The Company and Bonify agree to use best efforts to complete formal documentation of the agreement by September 30, 2017. Upon termination of the agreement, the Company agrees to transfer title of the equipment to Bonify. The Company has engaged investment bankers to assist with the raising of necessary capital to purchase and install the extraction equipment. \n ...