don't think this was posted yet Indiva and Bhang Enter Amended License Agreement
LONDON, Ontario, July 21, 2020 (GLOBE NEWSWIRE) -- Indiva Limited (the “Company” or “Indiva”) (TSXV:NDVA) (OTCQX:NDVAF) is pleased to announce that it has entered into an amended license agreement (the “Amended License Agreement”) with Bhang Corporation (“Bhang”), replacing the previous license agreement that was entered into in connection with the joint venture (the “JV”) between Indiva and Bhang, as previously announced in the Company’s press release dated April 19, 2018.
The Company and Bhang have agreed that Bhang's interest in the JV will be conveyed to the Company and the joint venture agreement between the parties will be terminated. This is in exchange for the Amended License Agreement, whereby Bhang will receive a net royalty on the sale of Bhang products manufactured and sold by the Company. Under the Amended License Agreement, the Company has the exclusive right to manufacture and sell Bhang THC-infused chocolate products in Canada, and the non-exclusive right to export those products internationally.
Indiva believes the Amended License Agreement will be mutually beneficial to the Company and Bhang moving forward.
“We are very pleased to have reached an amended exclusive agreement with Bhang to continue producing and distributing Canada’s #1 cannabis-infused chocolate,” said Niel Marotta, president and CEO of Indiva. “The performance and market share of Bhang SKUs in Canada speak for themselves, and we are delighted to continue to work with the Bhang team as their Canadian licensee for many years to come.”
“In the six months since Bhang has been launched, our partnership with Indiva has established Bhang into one of Canada’s top edible brands. We look forward to continuing our dominance of the market with Bhang’s outstanding chocolate products and Indiva’s excellent operational capacity. We believe this amended agreement solidifies our ability to operate in the most efficient manner possible for both companies,” commented Jamie L. Pearson, Bhang’s President and CEO.