Lifestyle's CDS to receive $25,000 (U.S.)/year from HAI
2015-06-29 09:14 ET - News Release
Mr. Brad Eckenweiler reports
CANNA DELIVERY SYSTEMS INC. SIGNS A NON-EXCLUSIVE DEFINITIVE LICENSE AGREEMENT WITH HEALTHY ASYLUM INC. A CALIFORNIA CORPORATION FOR A CANNASTRIPS TECHNOLOGY LICENSE
Canna Delivery Systems Inc. (CDS), a wholly owned subsidiary of Lifestyle Delivery Systems Inc., has entered into a non-exclusive licence agreement with Healthy Asylum Inc. (HAI). CDS will licence the CannaStrips technology to HAI for an annual $25,000 (U.S.) fee, and HAI will also be responsible to pay CDS for all continuing packaging costs and non-cannabis ingredients for production. HAI will be responsible for the sourcing of any cannabis ingredients. The licence has a one-year renewable term, and restrictive conditions on formulation, manufacturing, packaging and distribution methods. The necessary equipment must be leased from CDS and can only be used for the purposes of producing the licensed products.
Healthy Asylum Inc.'s chief executive officer, Joshua Roper, stated, "We intend to begin production immediately and anticipate having our first sales this July."
CDS's film-strip technology produces an oral delivery system that can be used for energy elixirs, herbal remedies and a smokeless alternative option to medical and recreational users of cannabis. CDS's technology produces infused strips (similar to breath strips) that are not only a safer, healthier option to smoking, but also a new way to accurately meter the dosage and assure the purity of the product. CDS will license the technology to licensees, which will in turn manufacture CannaStrips where the use of cannabis is legal.
The company's CEO, Brad Eckenweiler, commented, "This completed licence agreement represents the company's first step in its monetization of the CannaStrips technology business model."
