Hiku Brands becomes first cannabis retail platform in international market
TORONTO – Hiku Brands Company Ltd. has entered into a letter of intent with Kaya Inc. to pursue medical and adult-use cannabis branding, genetics, and retail opportunities in Jamaica and Canada.
Kaya is the first licensed medical cannabis producer and dispensary operator in Jamaica.
Hiku intends to make a strategic investment in Kaya to acquire up to 10% ownership on a fully diluted basis, enter into mutual licensing agreements to leverage Hiku's brands in Jamaica and Kaya's brand in Canada, work together to explore import and export opportunities for cannabis genetics, and develop co-branded retail stores and cannabis lounges in the Caribbean.
The Strategic Alliance brings Hiku's cannabis brands and retail to Jamaican cannabis consumers while providing Hiku the opportunity to share Kaya's authentic Jamaican cannabis brand with Canadian cannabis market.
“This is an incredible opportunity for Hiku to tap into Jamaica's world-renowned cannabis community and take our retail and branding expertise global,” said Alan Gertner, CEO of Hiku.
Bali Vaswani, Chairman and Chief Ganja Officer of Kaya, said "we are very excited to leverage the expertise of Hiku. As proven retailers with a strong operational foundation, we have found the perfect partners.”
Hiku intends to enter into a subscription agreement with Kaya whereby Hiku will make an initial investment of $250,000, and intends to make a secondary investment concurrent with an equity financing by Kaya that would bring Hiku's total ownership to 10% on a fully diluted basis post-financing.
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