CanaFarma Hemp Products Corp. announced that it entered into a Memorandum of Agreement with Jonathan Cheban, also known publicly as “Foodgod”, through his company, FeelGoodCBD, LLC. They will work together as joint-venture-parties to market, promote, distribute, and sell hemp oil-infused products under the Foodgod brand.
Foodgod and CanaFarma will build a line of high-quality hemp oil-infused snack and dessert products and meet the highest standards of excellence. CanaFarma’s science-based approach to designing and formulating its products will be partnered with Foodgod’s unique knowledge of the food industry to deliver premium products under the Foodgod brand.
Jonathan Cheban is an American reality television personality, entrepreneur, and former publicist. He has made appearances on the show Keeping Up with the Kardashians and its spinoffs. He recently stated, “I am excited to partner with Canafarma to execute my vision to create a Foodgod CBD snack and dessert line inspired by the best of Pop Culture, which my audience of millions has grown to expect of the Foodgod brand. Together with CanaFarma, which takes a rigorous and science-based approach to the business, we will meet the highest standards of excellence.”
Under the terms of the Agreement, CanaFarma is issuing ten million common share purchase warrants to FeelGoodCBD, LLC. Each of these can be merged into one common share in CanaFarma’s capital for $0.87 and for a period of ten years. One million of the foregoing warrants shall vest immediately, with the remaining nine million warrants vesting in equal monthly installments over a twenty-four-month period commencing on the date that is 30 days from execution of the Memorandum of Agreement. According to CanaFarma, all of the warrants and the common shares issuable will be subject to applicable securities law hold periods.
The Memorandum of Agreement is for a term of five years and includes standard joint venture provisions, including expenditure commitments and an agreed-upon profit-sharing arrangement.
David Lonsdale, CEO of CanaFarma said, “We are delighted to have secured this joint venture partnership with Foodgod and look forward to creating the most exciting brand for CBD products.”