Aurora Cannabis and CannaRoyalty have signed a Letter of Intent this week.
The LOI gives Aurora the exclusive right for 90 days to negotiate a final licensing agreement that concerns the acquisition by Aurora of the exclusive rights for Canada, Europe and Australia to the intellectual property, manufacturing procedures, and the sales and marketing rights related to a portfolio of specialty branded cannabis drug delivery technologies.
The technologies are from the award-winning MüV brand, to which CannaRoyalty holds the licensing rights. The brand was launched last year.
CannaRoyalty investee AltMed has developed MüV, a line of cannabis-infused products that focus on advanced alternative cannabinoid delivery mechanisms for the medical and the LOHAS (Lifestyles of Health and Sustainability) segments of the market.
According to the press release, the MüV products to be covered by the license agreement include:
MüV Metered Dose Inhaler
MüV Transdermal Patch
CBD Sports Gel
CBD Hydrating Lotion
THC Sports Gel
THC Hydrating Lotion
THC Pain Relief Cream
“This agreement shows Aurora’s strategic commitment to the development of advanced alternative delivery mechanisms to broaden the Company’s product offering,” remarked Terry Booth, CEO.
“It also shows how a growing constellation of trusted innovation partners sees Aurora as the winning brand to help commercialize their products and technologies, and we look forward to finalizing our agreement with CannaRoyalty and bringing these exciting new offerings to our growing international customer base.”
CannaRoyalty CEO Marc Lustig commented, “This agreement with Aurora represents a significant opportunity to accelerate the growth of AltMed’s award-winning MüV product line on an international scale, leveraging our relationship with one of the world’s most dynamic cannabis companies. The MüV line meets the growing need for specialized products with alternative delivery mechanisms, especially in critical jurisdictions, such as Canada and Germany, where consumers to date have been limited in terms of product choice. Aurora is a great partner to help us penetrate these new markets, and we look forward to completing our final agreement.”