Amended US Licensing Agreement Allows for US Expansion
VANCOUVER, BC, Nov. 24, 2020 /PRNewswire/ – (CSE: OVAT) (OTC: OVATF) – Ovation Science Inc. (“Ovation” or the “Company”) announces that by mutual agreement its Licensing Agreement of November 10, 2017 with Lighthouse Strategies, LLC. (“Lighthouse”) has been amended in order to facilitate Ovation’s prospective expansion plans into additional states beyond Nevada in the US (the “Amendment”). Due to the continuing refinement of Ovation’s business strategy for its cannabis products and because of Lighthouse’s success in Nevada with Ovation’s topical cannabis products, Lighthouse will focus its efforts on expanding its leadership in topicals in Nevada for a period of one year; renewable by mutual consent. In connection with the Amendment, Lighthouse will have the exclusive rights to Ovation’s topical products containing THC and sold exclusively in Nevada dispensaries and the non-exclusive rights to Ovation’s topical CBD products in Nevada only. Along with the previous terms of the Agreement, the Amendment specifies a Minimum Quarterly payment.
“The cannabis industry has evolved tremendously in the past three years when we first introduced Ovation’s formulations into the US marketplace and notably even in the past two weeks following the US election.” said Mr. Terry Howlett, President of Ovation. “We are focused on creating greater shareholder value and therefore are excited to now have the opportunity to seek additional licensees across the United States with this new Amendment in place. Our strategic growth plan is to secure multi-state operators through-out the US that have the infrastructure and marketing expertise in their regions to launch Ovation’s CBD and THC topical products of which we have over 25 formulations developed including our beauty line ARLO CBD Beauty and our wellness line Invibe®MD. We have already proven the superiority of our products in Nevada with Lighthouse and believe this can be duplicated