CryoMass Technologies Inc. CRYM has signed a license agreement with a California cannabinoid ingredient producer, RubberRock Inc., co-owned by famed extractor Brad Robertson, co-founder of Guild Extracts.
What Happened
Under the agreement terms, CryoMass received a territory licensing fee and ongoing royalties, including 25% of gross revenue from any cannabinoid extracts, ingredients, or formulations utilizing CryoSift.
Minimum quarterly royalties, starting at $100,000 and reaching $750,000 by the fourth quarter of 2024, guarantee CryoMass at least $3 million in annual royalties.
Why It Matters
As a leader in innovative cryogenic botanical refinement systems, CryoMass said Robertson is an ideal partner as, in 2015, he and Guild Extracts isolated and commercialized high-purity THCa crystalline, the natural form of THC found in raw cannabis plants.
Robertson holds two patents for efficiently extracting and isolating cannabinoids and terpenes using proprietary methods. His ability to produce pure cannabinoids faster, with less solvent, and in higher yields than other processors put him in a class of his own.
CryoMass identified RubberRock as the right partner since the company already produces cannabinoid ingredients faster and more efficiently.
What's Next
Combining CryoMass's patented refinement with Robertson's proprietary extraction will enable scale and cost efficiency in cannabinoid production.
"This joint solution unlocks new potential for producing high-value cannabinoid ingredients at scale," Christian Noël, CryoMass CEO and director said. "The structure of this agreement will increase our revenue potential, which is great for all stakeholders."
Robertson seconded Noël, adding that the deal would "allow RubberRock to become a top cannabinoid supplier in California. That wouldn't be possible without CryoMass's game-changing refinement process."
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CRYM Price Action
CryoMass' shares traded 5.0000% higher at $0.0945 per share at the time of writing on Thursday morning.
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- Photo: Benzinga edit of photo by Alexandre Caron and 2H Media on Unsplash
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