Ann: MCL LEADS IN MEDICAL CANNABIS WITH CANADIAN DEAL, page-35

Pnina Feldman, Chairperson of QBL, quotes MCL highlights:
- national and international connections in the medicinal Cannabis world,
- unique seed bank
- cannabinoid collection research over 15 years,
- now with its joint venture with Canntab, MCL is well placed to be at the forefront of medicinal Cannabis research and product development, for Australia and worldwide benefit, and for the benefit of all QBL shareholders.

Material Terms of the VitaCann-Canntab Joint Venture

1. The parties have signed a 50/50 joint venture (JV) agreement for the JV to exclusively manufacture, distribute and sell tablets containing Canntab’s proprietary technology and formulation in Australia, and to obtain the approval for such activities. VitaCann retains the right of first refusal for distribution of the product throughout Asia.

2. VitaCann will be responsible for the first USD$1,000,000 of the JV’s expenditure in Australia, following which expenses will be split 50/50 between the parties.

3. The Joint Venture will be operated under the name Canntab Australia.

4. The Joint Venture shall be owned equally by Canntab and Vitacann and each of them shall be entitled to one half of all income and profits earned by the Joint Venture.

5. All contracts relating to the products entered into by the parties shall be in the name of the Joint Venture.

6. All registrations in Australia (and/or Asia) related to the products shall be in the name of the Joint Venture.

7. Canntab grants to the Joint Venture the exclusive right to utilize the patents and the know-how to market, sell and distribute the products in Australia with a first right throughout Asia.

Good stuff!