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VANCOUVER, BC / ACCESSWIRE / July 28, 2020 / CanaFarma Hemp Products Corp. (CSE:CNFA) (the 'Company' or 'CanaFarma') is pleased to announce that it has entered into a Memorandum of Agreement with Foodgod 'Jonathan Cheban' through his company, FeelGoodCBD, LLC ('FeelGood') to work together as joint venture parties for the purpose of marketing, promoting, distributing and selling hemp oil-infused products under the Foodgod brand.
Foodgod and CanaFarma will work together to build a line of high-quality hemp oil-infused snack and dessert products that meet the highest standards of excellence. CanaFarma's science-based approach to designing and formulating its products will be partnered with Foodgod's unique knowledge of the food industry to deliver premium products under the Foodgod brand in which consumers can have great confidence.
Foodgod (Jonathan Cheban) commented, 'I am excited to partner with Canafarma to execute my vision to create a Foodgod CBD snack and dessert line inspired by the best of Pop Culture, which my audience of millions has grown to expect of the Foodgod brand. Together with CanaFarma, which takes a rigorous and science-based approach to the business, we will meet the highest standards of excellence.'
David Lonsdale, CEO of CanaFarma said, 'We are delighted to have secured this joint venture partnership with Foodgod and look forward to creating the most exciting brand for CBD products.'
Under the terms of the Agreement, CanaFarma is issuing to FeelGood 10,000,000 common share purchase warrants, each being exercisable into one common share in the capital of CanaFarma at a price of $0.87 for a period of ten years. 1,000,000 of the foregoing warrants shall vest immediately, with the remaining 9,000,000 warrants vesting in equal monthly installments over a twenty-four-month period commencing on the date that is 30 days from execution of the Memorandum of Agreement. All of the warrants (and the common shares issuable upon exercise) will be subject to applicable securities law hold periods.
The Memorandum of Agreement is for a term of five (5) years and includes standard joint venture provisions, including expenditure commitments and an agreed upon profit sharing arrangement.
About CanaFarma Hemp Products Corp.
CanaFarma Hemp Products Corp. is a full-service company operating in the hemp industry offering a full range of hemp-related products and services to the consumer wellness market. These products and services include growing top-quality hemp, providing hemp-processing services and offering hemp-based products to consumers utilizing a well-established direct-to-consumer marketing approach.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS AND FORWARD-LOOKING INFORMATION: This news release includes certain 'forward-looking information' within the meaning of applicable Canadian securities legislation and may also contain statements that may constitute 'forward-looking statements' within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995. Such forward-looking information and forward-looking statements are not representative of historical facts or information or current condition, but instead represent only the Company's beliefs regarding its potential future growth, events, plans or objectives, many of which, by their nature, are inherently uncertain and outside of the Company's control. Forward-looking statements and forward-looking information are necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements and forward-looking information. Such factors include, but are not limited to general business, economic, competitive, political and social uncertainties, world events and impacts of the COVID-19 virus; and delay or failure to receive board, shareholder or regulatory approvals. Readers should not place undue reliance on forward-looking statements and forward-looking information. The Company disclaims any intention or obligation to update or revise any forward-looking statements and forward-looking information, whether as a result of new information, future events or otherwise, except as required by law.
FOR FURTHER INFORMATION, PLEASE CONTACT:
Chief Executive Officer
Phone: (214) 704-7942
SOURCE: CanaFarma Hemp Products Corp.
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