Technology company, EnWave (ENW) has signed an equipment purchase agreement with Swiss business, Metamount Schweiz AG.
Based in the Swiss municipality of Grenchen, Metamount has operations in the industrial manufacturing of agrochemical and medical cannabis products.
In November 2019, EnWave announced that Metamount had signed a non-exclusive royalty-bearing license, for the use of EnWave’s patented dehydration technology. Metamount has since been using the Radient Energy Vacuum (REV) machine to dry medical hemp for CBD extraction in Switzerland.
Metamount is now purchasing one of EnWave’s REV machines, for use in its commercial productions. Under the terms of the license, Metamount will pay EnWave a quarterly royalty, based on the number of dried grams produced with the REV machinery.
This agreement to purchase the equipment cements Metamount’s commercial use of REV dehydration technology for drying medical hemp.
The license also demonstrates the great potential that EnWave’s REV technology has for applications in the hemp industry. In particular, it establishes a potential foothold for further commercialisation of REV machines for drying hemp to produce hemp oil extract and smokable CBD products.
There is a great market for such applications in Switzerland, which is one of Europe’s most advanced countries with regards to CBD legalisation. The nation also strongly recognises CBD’s beneficial properties as a medicinal product for pain relief.
The CEO of Metamount, Andreas Gosch, commented on the company’s equipment purchase agreement with EnWave.
“We are very excited about the partnership with EnWave to produce premium CBD products with REV technology for the Swiss market,” he said.
EnWave (ENW) is up 1.22 per cent and is trading at C$0.83 per share at 10:41am EDT.