BevCanna Enterprises, an emerging leader in infused cannabis beverages, has, through its wholly-owned subsidiary “BevCanna US Operating Company Ltd.”, exercised its option to acquire the right, title and interest to DeeperGreen™, along with other intellectual property assets.
Additional Information:
Video Transcript:
I’m Nadika Viswakula for Investmentpitch Media
BevCanna Enterprises, an emerging leader in infused cannabis beverages, has, through its wholly-owned subsidiary “BevCanna US Operating Company Ltd.”, exercised its option to acquire the right, title and interest to DeeperGreen™, along with other intellectual property assets.
DeeperGreen™, the proprietary water-soluble cannabinoid powder ingredient developed by partner Greener Frontiers, converts extracted cannabis into a fast-acting, tasteless, odorless, water-soluble powdered ingredient, and has been proven to be a stable ingredient that when tested with cannabinoids, consistently delivers target concentrations within one batch and from batch-to-batch.
Independent laboratory testing confirmed that DeeperGreen precisely infuses granular drink mixes and ready-to-drink water beverages.
Products infused with DeeperGreen, meet the criteria to pass California’s current Cannabis Compliance Regulations, set in California, and will allow for reliable water-soluble infusion manufacturing processes and dosing confidence for consumers.
Emma Andrews, Chief Commercialization Officer, stated: "DeeperGreen technology expands BevCanna's ability to produce a portfolio of cannabis infused beverage formats. The addition of a water-soluble powder allows us to offer consumers more variety in methods of consumption, which can now pair with various consumption occasions. Powdered drink mixes complement our existing expertise in ready-to-drink products and allow us to expand the innovation pipeline for our house brands, and with white label partners through contract manufacturing."
In consideration for the Acquisition, BevCanna has agreed to issue shares to Greener Frontiers upon the achievement of certain performance milestones at a deemed price of US$0.38, or CDN$0.50, subject to compliance with all applicable laws and stock exchange policies.
BevCanna also agreed to loan Greener Frontiers up to US$250,000 in connection with its stage 2 capital commitment in respect of a licensed manufacturing facility in Sacramento, California.
Under the Agreement, Greener Frontiers has agreed to continue to provide research and development, and commercialization services to BevCanna for their lines of powdered and drink-based products.
Greener Frontiers also agreed to work with BevCanna to explore the application of DeeperGreen as a food ingredient, for future potential commercialization.
Based in British Columbia, Canada, BevCanna has a 130-acre outdoor cultivation site in the fertile Okanagan Valley and the exclusive rights to a pristine spring water aquifer.
Its world-class 40,000-square-foot, HACCP certified manufacturing facility has a current bottling capacity of up to 72 million bottles per shift annually.
The shares are currently trading at $0.315.
For more information, please visit the company’s website www.bevcanna.com, contact Luca Leone, Investor Relations, at 604-880-6618 or email luca@bevcanna.com.
I’m Nadika Viswakula for Investmentpitch Media
