Maricann joins forces with Rare Dankness to bring premium cannabis genetics to the Canadian market
TORONTO - Maricann Group Inc. of Burlington Ontario, announced that it has made an exclusivity agreement with Colorado-based Rare Dankness LLC to bring elite cannabis strains into Canada's recreational market.
Founded in 2010, Rare Dankness is globally recognized for its work in elite and rare cannabis genetics, having won over 80 awards worldwide.
Rare Dankness developed genetics replicates the "mother" strands, and compliment the genetics by breeding with superior males, and breed specifically for certain cannabinoid and terpene profiles.
Some of their famous products include "Ghost Train Haze," "Rug Burn OG," "The OX," and "Moonshine Haze."
Rare Dankness Founder Scott Reach said that "working with Maricann Group gives us the capability to produce my genetics, provide premium grade, consistent, connoisseur quality cannabis flowers and extracts in a world class facility to bring RD to Canadians."
Rare Dankness will headline Maricann Group Inc.'s offering to the recreational market.
Summary of the Exclusivity Agreement
The Exclusivity Agreement provides Maricann with exclusive distribution and retail rights for the Canadian markets for specified Rare Dankness Genetics and Products for a five year term, subject to Maricann meeting minimum wholesale targets each year or paying an exclusivity fee and a right of first refusal to act as RD's exclusive distributor for the products in Europe.
In consideration for the exclusivity, Maricann has agreed to provide RD with the following consideration:
- A signing fee of USD $500,000;
- Grant of C$250,000 in warrants on the date of signing and on the first and second anniversary date of the Exclusivity Agreement exercisable at the market price at close of markets on the preceding day
- A profit sharing arrangement on the sale of the products by Maricann.