BevCanna Exercise Right To Purchase Intellectual Property To DeeperGreen

Infused cannabis beverages producer, BevCanna Enterprises Inc. BEV reported Thursday it has used its option to obtain the right, title and interest to DeeperGreen, water-soluble cannabinoid powder ingredient created by partner Greener Frontiers.

The company signed Wednesday an amendment agreement to the Cannabis Beverage Joint Development Agreement with Greener Frontiers Corporation and BevCanna US Operating Company Ltd., a wholly-owned subsidiary of the company.

Per the agreement, as means of payment for the intellectual property acquisition, BevCanna agreed to issue common shares in the capital of BevCanna to Greener Frontiers upon reaching specific performance milestones at a deemed price of $0.38.

Furthermore, the company will also loan Greener Frontiers up to $250,000 related to its stage 2 capital commitment in respect of a licensed manufacturing facility in California.

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"DeeperGreen technology expands BevCanna's ability to produce a portfolio of cannabis infused beverage formats," Emma Andrews, Chief Commercialization Officer at BevCanna, said in a statement. "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."

The test results confirm that DeeperGreen technology, and products infused with it, answer the demands needed to pass the Cannabis Compliance Regulations set in California.

DeeperGreen transformed extracted cannabis into tasteless, odorless,fast-acting, water-soluble powdered ingredient with proven stability.