Lifestyle Delivery Systems (CSE:LDS, OTCQB:LDSYF) announced binding definitive agreements with NHMC and CSPA Group in order for the company to begin managing medical marijuana cultivation, extraction, and manufacturing.
As quoted in the press release:
In addition, LDS has entered into a license agreement with its Chief Science Officer, Dr. John M. Sanderson, M.D., and Nanostrips, Inc., a company controlled by Dr. Sanderson, pursuant to which Dr. Sanderson has granted LDS exclusive worldwide rights to a technology developed by Dr. Sanderson for an improved method of infusing cannabis extracts into thin-film oral delivery strips.
Medical Marijuana Cultivation, Extraction and Manufacturing Operations
Effective May 1, 2017, LDS has entered into formal binding agreements with NHMC and CSPA whereby LDS, through its majority owned subsidiaries, LDS Agrotech Inc. (“LDS Agrotech”) and LDS Scientific Inc. (“LDS Scientific”), will manage medicinal marijuana cultivation, extraction and manufacturing operations on behalf of NHMC and CSPA in the City of Adelanto, California. NHMC is the holder of permits granted by the City of Adelanto for the operation of an indoor medicinal marijuana cultivation facility, while CSPA is the holder of permits granted by the City of Adelanto for the operation of an indoor medicinal marijuana extraction and manufacturing facility. Pursuant to the provisions of a requirements contract between NHMC and CSPA, CSPA has the right to purchase all of the cannabis products cultivated and harvested by NHMC. Any products in excess of CSPA’s needs may be sold by NHMC to licensed distributors. NHMC and CSPA are related nonprofit mutual benefit corporations having the same sole members.
Source: New feed