BevCanna Announces Acquisition of Intellectual Property to DeeperGreen™ By Greener Frontiers

Cannabis

BevCanna Enterprises Inc., an emerging leader involved in the production of infused cannabis beverages, announced the plans of acquiring the title, interest, and rights to DeeperGreen, a water-soluble cannabinoid powder developed by Greener Frontiers, which is a partner company of BevCanna Enterprises.

This acquisition of DeeperGreen technology is expected to magnify the company’s portfolio of beverages infused with cannabis. Additionally, the water-soluble property of this ingredient allows the invention of a wide variety of beverages for the consumers, including ready-to-drink products and powdered drinks. This expands the innovation pipeline of the brands owned by BevCanna along with the white label partners of the company through contract manufacturing.

The technology employed by DeeperGreen works by converting cannabis extracts into a water-soluble and powdered ingredient that is tasteless, fast-acting and odorless. This ingredient has been tested with cannabinoids and proven to be a stable compound. The tests further confirmed that the water-soluble cannabinoid powder delivers consistent target concentrations in every batch of drinks and infuses with granular beverages as well.

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BevCanna entered into an agreement with Greener Frontiers Corporation for the acquisition of various intellectual property assets of Greener Frontiers. As a part of this transaction, BevCanna has agreed to issue common shares from BevCanna’s capital to Greener Frontiers upon the accomplishment of some performance milestone by the company. Moreover, Greener Frontiers also received allowance for a loan from BevCanna for up to USD 250,000 which is linked with its stage 2 capital commitment for a manufacturing facility in California.

Under this agreement, BevCanna will continue to receive research and development, and commercialization services from Greener Frontiers. The acquisition is expected to close before December 21, 2019.

Read More at source: GuruFocus