TORONTO, Sept. 29, 2021 (GLOBE NEWSWIRE) -- Mountain Valley MD Holdings Inc. (the “Company” or “MVMD”) (CSE: MVMD) (FRA: 20MP) is pleased to announce that Mountain Valley MD Inc. (“Mountain Valley”) has entered into a letter of intent (the “LOI”) to complete a licensing agreement with Red White & Bloom Brands Inc. (“RWB”), a publicly traded multi-state cannabis operator and house of premium brands that are available across the cannabis market in the United States.
Mountain Valley and RWB anticipate completing a Product Development and Commercial Licensing Agreement (the “Agreement”) before the end of October, 2021. The Agreement will set out the terms upon which Mountain Valley will develop one or more formulas using MVMD’s Quicksome™ technology and novel cannabinoid solubilization technique to be applied by RWB to various cannabis product applications. RWB would have an exclusive license initially in Florida, Michigan and California to manufacture and distribute its cannabis products in exchange for payments, including research and development fees and royalties.
“We look forward to a great partnership with Mountain Valley MD as we leverage their technology in support of our strategy to bring premium, leading, and disruptive cannabis products to the marketplace,” stated Brad Rogers, Chairman and CEO of Red White & Bloom Inc. “Red White & Bloom has a very aggressive growth strategy for key markets in the United States and beyond, led by our commitment to offer high quality, innovative brands in the cannabis space.”
Through its research and development work, Mountain Valley had worked initially on a proprietary solubilization technique that was applied to both THC and CBD molecules. The solubilized cannabinoids were then applied to a unique Quicksome™ THC-based sleep formulation created for RWB, which is the initial formula to be developed by Mountain Valley pursuant to the LOI, to achieve the desired efficacy to support RWB’s pursuit of the medical sleep market initially in Florida, Michigan and California.
“It is an honour to work with Brad Rogers and his team at Red White & Bloom given their impressive visionary work across the US cannabis landscape,” stated Dennis Hancock, President & CEO of Mountain Valley MD. “Brad’s demonstrated track record of building tremendously successful and profitable businesses in this high growth economic sector, and his initial vision to disrupt the medical sleep space in key U.S. markets, is a perfect bullseye as a starting place for our Quicksome™ technology.”
The Company is currently preparing a patent for submission to the United States Patent Trademark Office (USPTO) to protect its cannabinoid solubilization work, which it believes will be a cornerstone for many unique product formulations in the cannabis marketplace.
“This partnership with Red White & Bloom is intended to showcase our technology and its novel value proposition into the U.S. cannabis market. Seeing our Quicksome™ and solubilization technologies applied to what we see as a high growth space would be a validation of our formulation and licensing value proposition as we move into this important commercialization phase for MVMD,” concluded Mr. Hancock.
https://www.globenewswire.com/news-release/2021/09/29/2305456/0/en/Mountain-Valley-MD-Holdings-Announces-Letter-of-Intent-with-Red-White-and-Bloom-Brands-Inc.html