VANCOUVER, BC / ACCESSWIRE / January 28, 2020 / MOTA VENTURES CORP. (CSE:MOTA)(FSE:1WZ)(OTC:PEMTF) (the "Company" or "Mota"), an emerging vertically-integrated global CBD brand, is pleased to announce that it has entered into a licensing and royalty agreement dated January 17, 2020 (the "Licensing Agreement") with Phenome One Corporation ("Phenome"), a privately held full-service live genetic and seed preservation cannabis company. The Licensing Agreement provides the Company with full access to Canada's largest live genetic cannabis library with over 350 cultivars that have been laboratory analyzed and rigorously field-tested, as well as access to over 1,700 unique global genetics in its seed bank and Phenome's farming intellectual property ("IP").
Pursuant to the Licensing Agreement, the Company will have the right to propagate, cultivate, harvest and process a minimum of 10 selected cultivars from Phenome's genetic library, and to sell products of any kind produced from the selected cultivars. The Company will also be granted unlimited access to Norstar Nutrients' ("Norstar") proprietary nutrient IP and catalogue. Under the Licensing Agreement, the Company will: (a) issue 1,000,000 common shares in the Capital of the Company ("Shares") to Phenome upon the Company's successful seed registration in Colombia; and (b) make royalty payments to Phenome each calendar quarter of five percent (5%) of gross sales of products produced from the Phenome genetics. In the event the Company is acquired by a third party or there is a material breach to the Licensing Agreement, the Company will issue 1,000,000 Shares to Phenome. Shares issued in connection with the Licensing Agreement will be subject to a four-month-and-one-day statutory hold period in accordance with applicable securities laws.
Joel Shacker, CEO of the Company, commented, "We are excited to have finalized a licensing agreement with Phenome, as it give us access to a significant genetic cannabis library with some unique CBD strains having profiles of up to 150:1".
About Phenome One
Phenome is Canada's largest live genetic cannabis library with over 350 cultivars that have been lab tested and rigorously field-tested over 30 years. Years of selecting and commercially testing the most elite genotype and phenotype expressions ensures the highest quality cultivars possible.
Phenome is also a full service cannabis farming company focused on elite strain selective breeding and preservation spanning over 30 years of generational cannabis farming experience. Phenome utilizes state of the art growing systems incorporating proprietary nutrient regimes with extensive expertise in all growing mediums. From CBD dominant plants with rare terpene profiles to wet coast outdoor botrytis resistant plants and high range cold-proof varieties, Phenome has a cultivar suited for every climate. Phenome's years of outdoor testing of seeds have generated industry leading yields, quality and pathogen resistance.
Phenome has generated over 1,700 unique live and seed genetics and successfully entered them into Canada's LP market by way of a safe keeping and traceability program through an exclusive licensing agreement with a licensed facility in British Columbia, Canada.
Phenome's extensive hybrid line includes flagship varieties with thousands of hours of stress and stability testing under HID lighting and outdoor conditions. Unique CBD strains have profiles ranging from 1:1 up to 150:1 CBD. Phenome's flagship CBD line tests mid-twenties CBD percentages with an attractive scent and flavour for both flower and extract. The landrace and sativa lines vary from 8-20 weeks of flowering time and contain many unique recreational and medicinal effects that have been under utilized so far in today's market. The strains and varieties have undergone extensive selection work to uncover the optimal phenome expression. Phenome's extensive library of strains are well documented with video, photos and laboratory analysis for cannabinoid and terpene profiles.
About Norstar Nutrients
Norstar is a private label nutrient company with over a decade of formulating and nutrient line testing. Norstar offers a unique blend of macro and micro nutrients formulated for optimal essential oil production, immune system health and industry leading production. Norstar's beneficials have been formulated under a multi strain growing system which thrives with their heirloom varieties as well as modern day hybrids. Norstar's two-part nutrient system provides everything plants need in the vegetative periods, right through to the flowering stage with slight elemental ratio adjustments. The optimal flower boost provides a bump some plants may need for the mid-flower developmental phase. Norstar's raw materials are sourced globally from the highest quality providers. Since the nutrients are sourced from raw elements, formulations are produced at a fraction of the cost of other farmers nutrient programs, which offers a cost savings to the Company.
Letter of Intent with Tropical Verde Coast
The Company also announces that it will not be proceeding with the proposed acquisition of Tropical Verde Coast Ltd. ("Tropical Verde"), and the letter of intent previously entered into will be allowed to lapse. No funds were advanced by the Company to Tropical Verde, and the Company has not assumed any contingent liabilities arising from the proposed acquisition.
About Mota Ventures Corp.
Mota Ventures is seeking to become a vertically integrated global CBD brand. Its plan is to cultivate and extract CBD into high-quality value added products from its Latin American operations and distribute it both domestically and internationally. Its existing operations in Colombia consist of a 2.5-hectare site that has optimal year-round growing conditions and access to all necessary infrastructure. Mota Ventures is also seeking to acquire revenue producing CBD brands and operations in both Europe and North America, with the goal of establishing an international distribution network for CBD products. Low cost production, coupled with international, direct to customer, sales channels will provide the foundation for the success of Mota Ventures.
ON BEHALF OF THE BOARD OF DIRECTORS
MOTA VENTURES CORP.
Chief Executive Officer
Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this press release, which has been prepared by management.
Cautionary Note Regarding Forward-Looking Statement
All statements in this press release, other than statements of historical fact, are "forward-looking information" with respect to the Company within the meaning of applicable securities laws, including with respect to its plans to become a vertically integrated global CBD brand, its plans to cultivate and extract cannabis to produce CBD and high-quality value added CBD products in Latin America for distribution domestically and internationally and its plans to acquire revenue-producing CBD brands and operations in Europe and North America. The Company provides forward-looking statements for the purpose of conveying information about current expectations and plans relating to the future and readers are cautioned that such statements may not be appropriate for other purposes. By its nature, this information is subject to inherent risks and uncertainties that may be general or specific and which give rise to the possibility that expectations, forecasts, predictions, projections or conclusions will not prove to be accurate, that assumptions may not be correct and that objectives, strategic goals and priorities will not be achieved. These risks and uncertainties include but are not limited those identified and reported in the Company's public filings under the Company's SEDAR profile at www.sedar.com. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise unless required by law.
SOURCE: Mota Ventures Corp.