CANNABIS SATIVA, INC. (OTCMKTS:CBDS) Files An 8-K Entry into a Material Definitive AgreementITEM 1.01ENTRY INTO A MATERIAL DEFINITIVE AGREEEMENT
Cannabis Sativa, Inc., a Nevada corporation (“CBDS”) and our subsidiary corporation, Prestocorp., a Delaware corporation (“PrestoDoctor”) entered into Sponsor and Advertisement Agreement with Trans-High Corporation, a New York corporation (“Trans-High”) and its consolidated subsidiary corporations on September 29, 2017, which agreement was amended and restated in its entirety on November 6, 2017 (the “Agreement”). In the Agreement, Trans-High granted to PrestoDoctor a two year right of first refusal to serve as the exclusive medical cannabis recommendation provider at each Cannabis Cup event sponsored by Trans-High during such term. The Agreement also calls for additional advertising benefits to PrestoDoctor and our other subsidiaries. As consideration for the promises contained in the Agreement Presto has agreed to certain revenue sharing provisions and has agreed to issue to Trans-High 1,000 shares of PrestoDoctor Series A Preferred Stock having an aggregate liquidation value of $1,000,000 and convertible following May 6, 2018 into 332,447 shares of CBDS common stock in the aggregate.
ITEM 9.01EXHIBITS.
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Exhibit |
Document Description |
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10.1 |
Amended and Restated Sponsorship and Advertisement Agreement |
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Cannabis Sativa, Inc. Exhibit…To view the full exhibit click here
About CANNABIS SATIVA, INC. (OTCMKTS:CBDS)
Cannabis Sativa, Inc. develops and promotes natural cannabis products. The Company is engaged in the research, development and licensing of natural cannabis products, including cannabis formulas, edibles, topicals, strains, recipes and delivery systems. The Company plans to develop, produce and market products through joint ventures with companies licensed under state regulations applicable to cannabis businesses. It holds the license for a medicinal cannabis strain called NZT, a cannabis lozenge delivery methodology, and a cannabis trauma cream formula. The Company is also developing a third strain of cannabis plant named CT22. The Company also conducts its operations through its subsidiary, Wild Earth Naturals, Inc. (Wild Earth). Wild Earth is an herbal skin care products formulation and marketing company that plans to target the natural healthcare products market in the United States and abroad. It offers Go Deep, Go Deep EXTRA (GDX), Face Garden, Body Garden and Lip Garden.