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Sugarmade Signs Binding LOI to Enter Rare Cannabinoid Market via License Agreement for Patented THC-V Rich Chemovars
Sugarmade Signs Binding LOI to Enter Rare Cannabinoid Market via License Agreement for Patented THC-V Rich Chemovars.
About this update from Sugarmade, Inc.
[{"type":"text","content":"\n NEW YORK, Jan. 24, 2022 (GLOBE NEWSWIRE) -- via InvestorWire – Sugarmade, Inc. (OTC Pink: SGMD) (\"Sugarmade\", \"SGMD\" or the \"Company\") an emerging leader in the licensed cannabis sector, is pleased to announce the signing of a binding Letter of Intent (the “LOI”) with GenCann, Inc. (“GenCann”), the exclusive licensor for a set of cannabis chemovars particularly rich in the cannabinoid Tetrahydrocannabivarin (THC-V) (the “GenCann Chemovars”). Under the terms outlined in the LOI, Sugarmade and its licensed cannabis cultivator partners will be granted a 5-year license to cultivate what the Company believes to be some of the highest THC-V-containing strains in existence. Sugarmade and GenCann plan to begin clone production immediately upon the signing of the final agreement with a cultivation program beginning in Lake County, California, this spring. “While THC-V is sometimes referred to as a ‘rare cannabinoid,’ we believe the term no longer applies relative to our planned cultivation effort using GenCann’s Chemovars,” commented Jimmy Chan, CEO of Sugarmade. “The test results from certified California laboratories of these chemovars are certainly impressive, with THC-V yields in flower of up to 8%. We think the GenCann Chemovars are a game-changer in the cannabinoid space. Sugarmade plans to make a substantial commitment to bring products based on THC-V to the California market and perhaps to other states in the future. Stay tuned for our upcoming product plan announcements.” The GenCann Chemovars are covered by multiple issued U.S. patents, including patent numbers PP33212 for the plant called “V1,” patent number PP33211 for the plant called “V2” and patent number PP33210 for the plant called “V3.” All three of these chemovars contain abundant THC-V, with the V1 variety being especially distinguished by producing more THC-V than THC by percent weight. The V3 strain, also known as Skelator, will be the predominant strain utilized for spring cultivation due to its early finishing characteristics and its higher THC-V content, although the V1 and V2 varieties are also planned for Sugarmade’s cultivation effort. Sugarmade plans to utilize the THC-V rich biomass in a series of products it plans to introdu...