What's Going On With MJ Harvest?
MJ Harvest (MJHI) stock rose today after MJ announced that the Company and PKK Investment Group executed a non-binding term sheet to acquire 10% of Weedsy. Shares of the company were trading 34.58% higher to $0.397 a share on Wednesday.
What Does This Mean For MJ Harvest?
The agreement is for five years with a renewable option at successive 5-year anniversaries of the agreement at the election of MJHI and PPK based upon performance objectives being met. More details of the agreement terms should be included in a definitive agreement between the parties. Weedsy is cannabis brand in California that sells pre-rolled branded cannabis products packed with organic cannabis flower, kief and THC distillate throughout California.
MJHI and PPK will work in concert with Weedsy to market around six Weedsy product lines on an exclusive basis in Oklahoma and South Dakota. The definitive agreement dictates that Weedsy provide PPK and MJHI with product formulations, manufacturing specifications, promotion, advertising methods and product design. The idea is to sell and market products in states other than California, Oklahoma and South Dakota.
"We have been working hard to arrive at a framework for a long-term partnership with Weedsy. The proposed equity investment in Weedsy shows our commitment to the Weedsy brand. We fully anticipate the relationship between our company, PPK and Weedsy will provide significant value for all parties. We will continue to focus on manufacturing, marketing, and selling quality products," said Patrick Bilton, Chief Executive Officer of MJ Harvest.
Harvest, Inc., a development stage company, develops, acquires, and distributes agricultural and horticultural tools and implements to growers and operators in the hemp and cannabis retail industry.
