- Canbud Distribution (CBDX) has entered into a memorandum of understanding with the College of Agriculture, Science and Education in Jamaica
- Canbud and CASE have formed a commercial relationship focused on the research of psilocybin-producing mushrooms and the manufacture of consumer products
- The term of the MOU ends on August 22, 2022
- Canbud will provide to CASE up to $10,000 of funding for a mutually approved R&D program
- If CASE commences commercial production, the parties will negotiate and enter into a separate agreement allowing Canbud to acquire any commercial production
- Canbud Distribution Corporation (CBDX) is a science and technology health and wellness company
- Canbud Distribution Corporation (CBDX) is currently trading at C$0.065 per share
Canbud Distribution (CBDX) has entered into a memorandum of understanding with the College of Agriculture, Science and Education (CASE).
The MOU establishes a business and research and development relationship between the parties. CASE is a tertiary educational institution located in Port Antonio, Jamaica, with a tripartite mandate of teaching, research, and outreach.
Under the terms of the MOU, Canbud and CASE formed a commercial relationship focused on the research and development of healing practices facilitated by psilocybin-producing mushrooms and the manufacture of consumer products from psilocybin mushrooms for health benefits.
The MOU encompasses the following agreements and understandings between the parties:
- The term of the MOU ends on August 22, 2022
- During the term, Canbud will lease its existing mobile commercial facility to CASE at no cost for R&D and for terms to be agreed upon for commercial production
- Canbud will provide to CASE up to $10,000 of funding for a mutually approved R&D program intended to evaluate the potential uses of psilocybin and other psychedelic properties within mushrooms. Any results of this research will be made available to Canbud for its exclusive use.
- If CASE commences commercial production, the parties will negotiate and enter into a separate agreement allowing Canbud to have the right of first refusal to acquire any commercial production, and at least 50 per cent of commercial production would be purchased by Canbud on agreed terms. CASE would have the ability to sell any production not purchased by Canbud, with economics to be shared by CASE and Canbud on terms to be agreed by the parties.
- The ownership rights to any intellectual property are to be agreed by the parties prior to any commercialization or monetization of these rights.
- CASE would seek to acquire all the necessary research licenses to facilitate the exportation of mushrooms to both Canada and the United States of America once commercial production plans are finalized, subject to applicable laws.
- CASE will manage and operate the research laboratory.
Steve Singh, CEO of Canbud, noted,
“We are extremely pleased to enter into research partnership with CASE that is intended to help enable Canbud to undertake a scientific approach to understanding the medicinal properties of specific mushrooms and potentially replicate the cultivation of those spores on a commercial scale in the future.”
Canbud Distribution Corporation (CBDX) is a science and technology health and wellness company that encompasses plant-based, psychedelic pharmaceutical and non-psychedelic nutraceutical, and hemp cannabinoids (CBD) verticals.
Canbud Distribution Corporation (CBDX) is currently trading at C$0.065 per share.
