Mota Ventures has entered into a licensing and royalty agreement dated January 17, 2020 with Phenome One, a privately held full-service live genetic and seed preservation cannabis company. "The Licensing Agreement provides the Company with full access to Canada's largest live genetic cannabis library with over 350 cultivars that have been laboratory analyzed and rigorously field-tested, as well as access to over 1,700 unique global genetics in its seed bank and Phenome's farming intellectual property," the team with the company explains.
Pursuant to the Licensing Agreement, the Company will have the right to propagate, cultivate, harvest and process a minimum of 10 selected cultivars from Phenome's genetic library, and to sell products of any kind produced from the selected cultivars. "The Company will also be granted unlimited access to Norstar Nutrients' proprietary nutrient IP and catalogue," they further explain. "Under the Licensing Agreement, the Company will: (a) issue 1,000,000 common shares in the Capital of the Company ("Shares") to Phenome upon the Company's successful seed registration in Colombia; and (b) make royalty payments to Phenome each calendar quarter of five percent (5%) of gross sales of products produced from the Phenome genetics. In the event the Company is acquired by a third party or there is a material breach to the Licensing Agreement, the Company will issue 1,000,000 Shares to Phenome. Shares issued in connection with the Licensing Agreement will be subject to a four-month-and-one-day statutory hold period in accordance with applicable securities laws."
Joel Shacker, CEO of the Company, commented, "We are excited to have finalized a licensing agreement with Phenome, as it give us access to a significant genetic cannabis library with some unique CBD strains having profiles of up to 150:1".
For more information:
Mota Ventures
800-1199 West Hastings St.
V6E 3T5. Vancouver, BC,
Canada
+1 (604) 423-4733
[email protected]
motaventuresco.com