Calgary-based NeutriSci International Inc. (TSX-V: NUl; OTCQB: NRXCF) announced the signing of a memorandum of understanding (MOU) with multinational private company LaSanta Botanicals Ltd.
Based in Alberta, LaSanta is a licensed cannabis cultivator in Colombia with 20 hectares of grow space located north of Bogota.
Under the terms of the memorandum of understanding, LaSanta will manufacture CBD tablets based on NeutriSci’s Neuenergy tablet design, with exclusive rights to distribute in South and Central America.
Colombia is increasingly seeing international deals following the legalization of marijuana in Canada as companies seek new ways to increase supply.
As the licensee in the deal, LaSanta will pay NeutriSci a currently unspecified licensing fee, in addition to providing quarterly royalties on all future CBD tablets sold.
NeutriSci International Chief Executive Officer Glen Rehman had this to say about the pending deal:
“This MOU establishes the next international product manufacturing and distribution deal utilizing our patent pending technologies. Together with the licensee, we are very excited to be working towards launching the first of its kind quick dissolving CBD tablet in South America. “
Rehman also added, “This agreement represents another step towards achieving the international distribution of our products and IP. NeutriSci is also excited that once all legal requirements are met it will be able to access low-cost, high quality CBD compounds for distribution with its global partners.”
This is the latest in a series of moves by NeutriSci to expand internationally. Most recently, the company teamed up with Nutritional High International Inc. (CSE: EAT; OTCQB: SPLIF) to distribute Nu Tablet products in Sacramento, California.
Additionally, NeutriSci signed a letter of intent last month to distribute CBD and HempOmega tablets through Naturally Splendid USA Ltd. (TSX-V: NSP; OTCQB: NSPDF) in Australia, Japan, and South Korea.
In related news, LaSanta Botanicals also completed a non-brokered private placement in early October, raising $6.4 million in funds to expand cultivation operations in Colombia.
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