Mota Ventures Corp (CSE:MOTA) (OTCMKTS:PEMTF) and BevCanna Enterprises Inc (CSE:BEV) (OTCMKTS:BVNNF) have officially formalized their joint venture to sell hemp-derived cannabidiol (CBD) in the European market.
The joint venture, signed on Friday, has the exclusive right to sell BevCanna house brands in Europe for five years. The companies plan to lead off with LEV, a line of sparkling fruit forward lightly sparkling CBD-infused spring water beverages and water-soluble powders.
"Beverages are a healthier way to consume CBD, as they are a non-carcinogenic familiar consumption format and contain precise dosages per serving,” Mota CEO Joel Shacker said in a statement. “Water-soluble cannabinoids are absorbed by the body through the bloodstream as opposed to the liver, making the actual dosage ingested more bioavailable and accurate. The absorption rate (bioavailability) of water-soluble CBD is up to two times faster than oil-based products, effectively achieving the same results in less time."
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Mota and BevCanna will have equal ownership of the venture, and the deal is still subject to the establishment of a joint venture company by the companies.
Under the terms of the deal, BevCanna will contribute capital along with its proprietary brands, product formulations, formulas for nano-encapsulated water-soluble powders, marketing and manufacturing expertise.
Mota will bring manufacturing, marketing and distribution infrastructure in the European market.
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