The two cannabis giants are teaming up to manufacture, promote, advertise, distribute, and sell certain types of cannabis consumption accessories.
High Tide Inc. (TSXV: HITI), a retail-focused cannabis corporation enhanced by the manufacturing and distribution of consumption accessories, is pleased to announce that its wholly-owned subsidiary, Valiant Distribution Canada Inc. ("Valiant"), has signed a trademark license agreement with JW Homegoods, LLC to use the "Jane West" and "JW" trademarks for a term of 2 years (the "Jane West License"). Jane West is a high-profile American cannabis activist, influencer and founder of her global lifestyle brand. The Jane West License grants Valiant the right to manufacture, promote, advertise, distribute and sell certain types of consumption accessories in Canada, the United States, the United Kingdom and the European Union.
The royalty-based merchandising agreement includes the production of vaporizers, glass filtration devices, grinders and rolling trays, among other items.
We are excited to launch Jane West-branded products into the international legal smoke shop market as soon as possible, following the success of her established glassware line that has been widely distributed across North America Andy Palalas, Chief Revenue Officer of High Tide.
"As the founder of Women Grow, creator of her popular glassware line and developer of a rapidly growing set of packaging partnerships, Jane is a visionary and we will be privileged to work alongside her to develop her next line of consumption accessories," added Mr. Palalas. Under its wholesale business segment, High Tide expects to design and distribute these new products as part of the established Famous Brandz line of consumption accessories, which currently includes the brands of Snoop Dogg Pounds, Cheech and Chong's Up In Smoke, Trailer Park Boys, Jay and Silent Bob, Guns N' Roses and more.
Furthermore, the Company has also approved the grant of 16,200,000 stock options to purchase Shares to certain directors, officers, consultants and employees. The options have an exercise price of $0.20 per common share and have a term of 3 years. Subject to the terms and conditions of the Company's Stock Option Plan, which was approved by shareholders of the Company at its annual general and special meeting held on July 24, 2019, the options shall vest: (i) 25% on the grant date; (ii) 25% on the first anniversary of the grant date; (iii) 25% on the date that is 18 months following the grant date; and (iv) 25% on the date that is the second anniversary of the grant date.
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