Heritage Announces Zenabis Contracts Toronto, ON - TheNewswire - November 26, 2019 - HERITAGE CANNABIS HOLDINGS CORP. (CNSX:CANN.CN) (OTC:HERTF) ("Heritage" or "Company") announces that further to the press release dated May 9, 2019, Heritage and Zenabis Global Inc.("Zenabis") have entered a Right of First Offer Agreement ("ROFO") and Cannabis Concentrate Program Agreement (the "Extraction Agreement") effective November 6, 2019 via Voyage Cannabis Corp. ("Voyage") a Licenced subsidiary of Heritage.
Under the terms of the ROFO the Company will have the right of first offer to acquire high quality trim cultivated by Zenabis, which is not otherwise committed under a pre-existing purchase agreement, from any of its licensed facilities. Zenabis shall provide written notice to Heritage specifying the amount of product available for purchase and the material terms and conditions, including the purchase price and a certificate of analysis (the "Offer Notice"). Heritage will have the first right to purchase any or all of the trim available by executing a Purchase Notice and binding Purchase Agreement. Trim that is not purchased by Heritage may be sold by Zenabis to any third party at a price per gram no lower than the price set forth in the Offer Notice. The ROFO is for an initial term of twelve months and will automatically renew for successive twelve month periods, unless terminated via written notice by either party.
Under the terms of the Extraction Agreement, Zenabis will supply Voyage with select cannabis biomass for processing into distillate. Heritage will deliver the final product by the end of 2019.
"We are pleased to see our relationship with Zenabis expand to include further commitments on production and formulation" said Clint Sharples, CEO of Heritage. "We are bringing together our specialized capabilities to address the expanding cannabis market and the growing demand for new products."
Andrew Grieve, CEO of Zenabis, stated, "This agreement between Zenabis and Heritage is an important step for us as we look to grow our product offerings. As the market expands, we will continue to fill our distribution channels with high quality options."
Read more at https://stockhouse.com/news/press-releases/2019/11/26/heritage-announces-zenabis-contracts#fEmLccmRxCWkDQal.99