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18.03.2016 13:49:04

GrowPros Signs Deal In Collaboration With Delta 9 Bio-Tech

(RTTNews) - GrowPros Cannabis Ventures Inc. announced that it signed a definitive agreement with Delta 9 Bio-Tech Inc., a "Licensed Producer" under Canada's Marijuana for Medical Purposes Regulation or "MMPR" on multiple collaborative ventures.

As per the terms of the Agreement, Delta 9 will submit to Health Canada an application for Amendment under Section 29 of the MMPR to collaborate with GrowPros on the previously submitted application.

In consideration for this collaboration, GrowPros will make milestone payments to Delta 9 in cash or shares with an aggregate value of $2 million. The value of the Shares will be based on the greater of the closing market price of GrowPros common shares on the day immediately prior to the day of issuance and $0.05 per Share. Under the terms of the agreement, the first milestone payment of $400,000 will be issued in Shares at a value of $0.05. Delta 9 will have the option to receive the remaining 4 milestone payments in cash or Shares, with all cash payments made payable to Delta 9 upon completion of the final milestone.

GrowPros will announce the completion and terms of each milestone payment as required by regulations. Achieving the final milestone will occur upon the full licensing of the GrowPros facility located in Low Quebec. All milestones payments will be held by our Escrow Agent and will be released upon the completion of the next milestone.

GrowPros will be required to finance the design, development, construction, and all out-of-pocket costs relating to the licensing of the Quebec Facility. GrowPros intends to raise additional capital through both secured debit and private placements to finance the construction. The estimated cost of construction is projected at approximately $3 million dollars.

The Agreement also provides that GrowPros and Delta 9 will enter into a secondary agreement in which GrowPros will provide Delta 9 with production consultation on there Manitoba based facility as well as patient acquisition services focused primarily in Quebec.

In addition, GrowPros will grant Delta 9 a right of first refusal to purchase all dried marijuana product produced at the Quebec Facility for a period of 2 years from the date of acquisition of the production license.

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