Heritage signs deal with Cheech Marin
Heritage Cannabis licenses Cheech's cannabis brand
2018-04-19 11:49 ET - News Release
Mr. Jagdip Bal reports
CHEECH MARIN CHOOSES HERITAGE CANNABIS HOLDINGS FOR CANADIAN BRAND
Heritage Cannabis Holdings Corp. has signed an agreement with GLE Brands Inc., a branding company inclusively representing the Cheech's Private Stash cannabis brand of the iconic Hollywood actor, stand-up comedian and cannabis legalization advocate, Richard (Cheech) Marin. Mr. Marin is widely known for being one-half of the comedy duo Cheech and Chong, who gained prominence in the 1970s and early 1980s for their use of cannabis in mainstream movies.
The agreement calls for Heritage to have exclusive rights to use cannabis and cannabis-related products utilizing the Private Stash brand throughout Canada for an initial period of two years, with the agreement automatically renewing for an additional year upon achieving various milestones. In addition, Heritage will have the right to supply products for export as GLE executes on its strategy to expand the Private Stash brand to other countries and appropriate export licences are obtained.
"We chose Heritage based on the strength of their team, and the relationship we have had with some management in the past," said Lisa Marcus, president of GLE. "We are confident in their ability to execute, and their commitment to quality of product was of particular importance to us. We see Canada as an important next step as we expand the brand."
Representatives of GLE, as well as Mr. Marin himself, will play an active role in assisting Heritage with the use of the brand, and ensuring the quality of the products meets their high expectations. Current branding and products being used in the USA can be viewed at the website of Cheech's Private Stash, however all Canadian packaging will be altered to meet all federal government regulations.
Mr. Marin stated: "I am excited to see the expansion of my personal Private Stash brand to Canada, I look forward to working with the quality team that Heritage has assembled, in order to help ensure the brand integrity, I have worked to create. It will always be good is my personal commitment to all our customers."
Terms of the agreement include GLE being paid certain royalties depending on retail sales targets, after all taxes and distribution costs are deducted, as well as various milestone payments being awarded upon achieving revenue levels.
"We are very excited to have such an iconic name joining our team," said Clint Sharples, chairman of Heritage. "Cheech's celebrity, personal brand and name recognition is synonymous with quality cannabis and we have high hopes for launching these products in Canada."