ICC Labs (TSXV:ICC) announced a term sheet agreement with Canadian LP Sundial Growers.
As quoted in the press release:
Pursuant to the term sheet, the parties have agreed to negotiate definitive commercial agreements for the sale by ICC Labs of up to 250,000 grams of CBD crystal per year for distribution by Sundial in the Canadian and international markets, subject to ICC completing its GMP certified laboratory and Sundial obtaining its sales license. Under the term sheet, CBD will be imported into Canada through Sundial’s partnerships with licensed dealers under the Canadian Narcotics Control Regulations. All imported product will be tested in accordance with the requirements of the ACMPR.
The term sheet also provides that ICC Labs and Sundial will jointly create new brands for future distribution by Sundial.
“This term sheet is an important step for ICC Labs as it will enable us to expand our footprint in Canada,” said Alejandro Antalich, Chief Executive Officer of ICC Labs. “Sundial’s core expertise in marketing and branding coupled with ICC Labs product development capabilities will be a great benefit to patients in Canada.”