BevCanna cements 130-acre outdoor cannabis cultivation deal with Clearwater CannGrow
BevCanna Enterprises Inc (CSE:BEV) (OTCMKTS:BVNNF) said Tuesday that it has finalized all the terms and signed a definitive agreement with Clearwater CannGrow to produce sun-grown certified organic cannabis on 130 acres of its land.
This comes close on the heels of the company signing a letter of intent on September 4, signaling it was pursuing the deal.
The plan, the company said in a statement, is for CannGrow to plan and operate the cultivation on BevCanna’s plot of land near Osoyoos, British Columbia.
As a result, the deal will see BevCanna combining its beverage, bottling and branding expertise with Clearwater’s cannabis cultivation skills.
CannGrow is led by Joey Bedard-Brunet, a respected agricultural consultant, who drew praise from BevCanna Chief Strategic Officer John Campbell.
“We’re very pleased to have finalized the agreement with Joey and Clearwater CannGrow,” Campbell said in a statement. “Joey’s expertise across a range of agricultural industries strongly complements BevCanna’s manufacturing and branding expertise. Together we’ll be an unbeatable combination.”
As co-owner of a large hemp farm, an outdoor cannabis farm and other agricultural businesses, Bedard-Brunet is a farm start-up expert. He has designed and executed one of the largest organic industrial hemp farms in western Canada.
BevCanna expects the venture to produce 100,000 kilograms of biomass and 10,000 kilograms of pure cannabinoids through the finished extract. In the long run, the company said it could expand the partnership beyond the 130-acre Osoyoos site to another one in nearby in Bridesville, and through leasing land from indigenous groups in the interiors of British Columbia.
Structure of the partnership
According to the pact, Clearwater has been engaged by BevCanna for an indefinite term as contract grower. Bedard-Brunet will oversee the day-to-day operations as the initial manager and head grower on the license.
The cannabis-infused beverage producer said it expects to file for a cultivation license by the end of November and hopes to plant the first crop the following Spring. If all goes to plan, the first harvest will be reaped in Fall 2020.
Among other terms, BevCanna agreed to pay Clearwater a consulting fee of $200,000 in cash, payable on November 1 of the first year in which a crop is cultivated at the property, plus a bonus of $50,000 in securities of the company, payable 10 business days after the issuance of the outdoor cultivation license. BevCanna will also pay a bonus of $50,000 in cash, or securities of the company on November 1 if the harvest at least aggregates 200,000 pounds of cannabis flower and biomass.
Vancouver-headquartered BevCanna creates, manufactures and distributes cannabinoid-infused beverages and consumer products for in-house brands, as well as white-label clients.
BevCanna’s assets and infrastructure include a 100-acre outdoor cultivation site and a 40,000 square feet manufacturing facility in Osoyoos, British Columbia.
Contact Uttara Choudhury at [email protected]
Follow her on Twitter: @UttaraProactive
Story by ProactiveInvestors
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