Maricann Group (CSE:MARI) (OTCQB:MRRCF) announced today it has inked an exclusive agreement with Colorado-based Rare Dankness (RD) to bring RD’s cannabis products to Canada for 5 years, based on meeting certain milestones. The agreement also gives Maricann right of first refusal to bring the products to Europe.
RD’s cannabis strains have won over 80 awards worldwide and has a three decades old genetics bank which they believe holds the best cannabis strains in the world. It’s won the High Times Cannabis Cup multiple times and is listed first and third in the Legends of Hash #11.
“RD is an authentic, original brand that cannabis lovers worldwide follow and seek out,” said Ben Ward, CEO of Maricann.
The 5-year agreement gives Maricann exclusive distribution and retail rights for the Canadian markets for specific Rare Dankness genetics subject to Maricann meeting minimum wholesale targets each year—or paying an exclusivity fee.
For these rights, Maricann will pay RD a signing fee of USD $500,000 and C$250,000 in warrants on the date of signing and on the first and second-anniversary date of the Exclusivity Agreement exercisable at the market price. Maricann will also pay a percentage of profits to RD.
Source Maricann press release