LXX Private Label agreementLexaria has entered its first ever Private Label agreement. Under the terms of the agreement, Lexaria will cause a certain new line of cannabidiol/herbal products powered by its patent-allowed technology to be manufactured under the Timeless Herbal Care Limited ("Timeless") brand name for Timeless to market and distribute across the USA, Canada, and Jamaica. The Timeless brand with Lexaria's enhancements will offer Timeless' consumer base improved taste and bioavailability for hard-to-absorb molecules. By utilizing Lexaria's protected technology the products will be unique in a sector where tangible benefits are highly sought after.
Lexaria will earn a pre-defined premium to costs on all raw ingredient sourcing and manufacturing, and will further earn a pre-defined royalty rate on all gross product sales revenues earned by Timeless in all three countries. The agreement is for an initial term of 5 years.
Although not certain, there is an expectation that the Timeless products private-labelled from Lexaria could be offered for sale in up to one thousand locations across the USA within a reasonable period.
DEFINITIVE TECHNOLOGY OUT-LICENSING AGREEMENT