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CannAmerica Signs LOI to Build CBD Facility in Mexico
CannAmerica Signs LOI to Build CBD Facility in Mexico.
About this update from Cannamerica Brands Corporation
[{"type":"text","content":"\n\n\n\nCannAmerica Signs LOI to Build CBD Facility in Mexico\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 Signs LOI to Build CBD Facility in Mexico\nPR Newswire\nVANCOUVER, March 12, 2019\n\n\n\nVANCOUVER, March 12, 2019 /PRNewswire/ - CANNAMERICA BRANDS CORP. (\"CANA\" or the \"Company\") (CSE: CANA) (OTCQB: CNNXF) is pleased to announce that it has entered into a binding letter of intent (\"LOI\") to create a joint venture (the \"JV\") with Sericea Labs S.A. de C.V. (\"SERICEA\") and CBDistribution Company Ltd. (\"CBDC\") with the intention of building a facility in Mexico for importing and warehousing licensed CBD products as well as CBD oils and tinctures destined for refining. \n\n \n \n\n \nWhen and if permitted under Mexican laws, the Company, SERICEA and CBDC (the \"JV Parties\") also plan on acquiring, importing and cultivating industrial hemp biomass for extraction into CBD isolate to be used for multiple product lines which utilize CBD.\nSubject to Board approval from the Company and completion of satisfactory due diligence, the JV Parties intend to enter into a definitive joint venture agreement (the \"JV Agreement\") on or before April 30, 2019. Under the LOI, it is anticipated that each of the JV Parties will receive the following portions of the shares in the JV in exchange for the contributions of each of the JV Parties as follows: \n40% to SERICEA in exchange for performing all necessary steps in obtaining the applicable licenses in Mexico represented in the joint venture for: (i) importing and warehousing licensed products (as well as CBD oils and tinctures) destined for refining; (ii) cultivation; and (iii) acquiring, importing and cultivating hemp biomass for extraction of CBD; 40% to CANA in exchange for contributing operational expertise, sourcing the property, providing equipment for refining and extracting product, providing exclusive licenses for products destined to the Mexican market and establishing a written intellectual property licensing agreement of use exclusive to the JV for all current and future technology for oil ...