Business

Gilla Inc (OTCMKTS:GLLA) Signs Cannabis Licensing Agreement for Colorado

Gilla Inc (OTCMKTS:GLLA), a manufacturer, designer and marketer of E-liquid for vaporizers as well as concentrate products from cannabis has announced that its Toronto-based subsidiary, Gilla Canada Inc has signed an intellectual property licensing agreement that will see the subsidiary introduce and launch the new portfolio of cannabis concentrate products.

The agreement was entered into with CordovaCann Holdings, Inc, which is a fully-owned subsidiary of CordovaCann Corp. CordovaCann is a Canadian company which trades in the United States and has a licensing agreement with a producer of marijuana-infused products in Colorado. Under the terms of the agreement, Gilla Inc will grant CordovaCann an exclusive five-year license that will see the later manage and sublicense some intellectual property belonging to Gilla. Some of these properties include the unique cannabis concentrate products which are made with naturally extracted vape oils, high terpene vape oils, premium, naturally extracted cannabis crystals and pure crystalline.

CordovaCann will make sure that the licensed products are only produced in Colorado and distributed while using Gilla’s marketing support, standard production procedure and market strategy. At first, the licensed products will include a Spectrum Concentrates brand which is expected to be launched on April 2nd, 2018. Gilla will be entitled to a fifty percent revenue share of the revenues which will be generated from the licensed products.

In a statement, Gilla Chairman, and CEO Mr. Graham Simmonds said Colorado is one of the most established and mature cannabis markets in the whole of North America and he is optimistic that the company’s Spectrum Concentrates brand will receive a warm welcome from consumers in the state. Simmonds added that with CordovaCann on its side, Gilla will have a strong channel to the Colorado market as well as the opportunity to partner in several other cannabis jurisdictions.

On his side CordovaCann CEO Mr. Taz Turner said it is a perfect opportunity for CordovaCann to launch its highly regarded suite of products into the market. He added that they are expecting to have a mutually sucessfuk and beneficial relationship with Gilla where the two companies will work on introducing the Spectrum Concentrates brand together with Gilla’s future portfolio of products to several new jurisdictions.