TORONTO, Jan. 22, 2018 (GLOBE NEWSWIRE) -- CordovaCann Corp. (OTCQB:LVRLF) (“CordovaCann” or the “Company”) is pleased to announce that its wholly-owned subsidiary, Cordova CO Holdings, LLC, has entered into a license agreement (the “License Agreement”) with Clearview Industries, LLC (“Clearview”), a Colorado-based corporation that owns and operates a Medical and Retail Marijuana Infused Product facility in Denver.
Under the terms of the License Agreement, the Company granted to Clearview a limited, non-exclusive license (the “License”) to certain technology, standard operating procedures and other intellectual property of the Company solely for the purposes of manufacturing, packaging and distributing THC-based products (the “Products”). The License is for an initial term of five years and is limited to the State of Colorado. Clearview will pay the Company royalties equal to 29% of the gross profit generated by the Products. In addition to the License, CordovaCann is also in discussions with Clearview to provide equipment financing and management/advisory services.
“Our entry into Colorado is a key step in our business strategy and this transaction is expected to generate revenue for the Company as early as next month,” stated Mr. Taz Turner, Interim Chief Executive Officer of the Company. He added, “CordovaCann is also working to secure third-party license agreements to bring into the Colorado market and other markets as we continue to expand. We look forward to launching numerous brands across multiple states while leveraging a consolidated sales, marketing and distribution platform.”
About CordovaCann Corp.
CordovaCann Corp. (formerly LiveReel Media Corp.) is a Canadian-domiciled company focused on building a leading diversified cannabis company. CordovaCann primarily provides services and investment capital to the processing and production vertical markets of the cannabis industry.
Contact:
Taz Turner
Interim CEO
T: (917) 843-2169
E: taz@cordovacann.com