Business
CannAmerica and Canna Provisions Enter Long-Term Licensing Agreement to Distribute Licensed Products in Massachusetts
CannAmerica and Canna Provisions Enter Long-Term Licensing Agreement to Distribute Licensed Products in Massachusetts.
About this update from Cannamerica Brands Corporation
[{"type":"text","content":"\n\n\n\nCannAmerica and Canna Provisions Enter Long-Term Licensing Agreement to Distribute Licensed Products in Massachusetts\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\nCannAmerica and Canna Provisions Enter Long-Term Licensing Agreement to Distribute Licensed Products in Massachusetts\nCanada NewsWire\nVANCOUVER, Oct. 30, 2019\n\n\n\nVANCOUVER, Oct. 30, 2019 /CNW/ - CANNAMERICA BRANDS CORP. (\"CannAmerica\" or the \"Company\") (CSE: CANA) (OTCQB: CNNXF) is pleased to announce that on October 28, 2019, it entered into a long-term licensing agreement (the \"Agreement\") and brand partnership with Canna Provisions Inc. (\"the Licensee\") under which the Licensee will have an exclusive license to manufacture and distribute CannAmerica branded cannabis infused gummy products and Live Labs branded concentrate products (the \"Licensed Products\") in the Commonwealth of Massachusetts.\n\n \n \n\n \nTerms of the Agreement include: \nthe initial term will be for a period of 3 years;Canna Provisions Inc. will follow formulations and processes provided by the Company; If Licensor wishes to grant a license to a third-party licensee with respect to the marketing, sale, and distribution of Licensed Products in New York, Connecticut, Vermont, New Hampshire, Maine, or Rhode Island, Canna Provisions Inc. has the right of first refusal;during the first 180 days of the initial term, the licensee will employ one full-time salesperson in Massachusetts to promote, market, advertise, and sell the Licensed Products; In addition to the fees contained in the agreement, a licensee fee of US$500,000 due to the Company in installments, payable as follows:US$50,000 within two days after the mutual execution of the Agreement;US$200,000 in installment payments (US$50,000 per month for a period of four months) with the first installment due two days after the Licensee obtains a license for its production facility from the Commonwealth of Massachusetts; US$250,000 due 12 months after the Effective date of the Agreement Upon receipt of the final cash payment of each specific installment, CANA wi...