High Profile Holdings Cannabis Corp., a wholly-owned subsidiary of New Leaf Ventures Inc. (OTCPK:NLVVF) (CSE:NLV) has executed a genetics transfer and buyback agreement with CannaPharmaRX Inc. (OTCPK:CPMD).
According to the company High Profile strains are proven to produce 15-30% THC and 3.5% terpenes consistently. This agreement will allow a transfer of genetics from High Profile's library for cultivation in Canna's facility located in Cremona, Alberta. Further to the agreement, High Profile will have the ability to buy-back material that meet certain standards or for a royalty, allowing Canna to sell both domestically and internationally.
Canna has use-rights of former Aurora Cannabis's (NASDAQ:ACB) 55,000 square foot GMP capable facility. Canna took over operations over a year ago with the goal of revitalizing the facility back to its pharmaceutical grade standards. The expert operations team behind Canna have signed on to bring this goal to fruition.
This partnership will allow for selected strains to be brought to market through the High Profile retail brand while other selected strains will be grown by the cultivator and sold to their existing domestic and foreign customers. Any finished products containing High Profile' strains that are sold by Canna will require a royalty paid back to High Profile on a monthly basis. This agreement also establishes a pre-determined wholesale price for products meeting the high standards that High Profile customers have come to expect.
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Photo: Benzinga edit with photos by geralt and lindsayfox on Pixabay