C2M Agreement
On November 14, 2019, the Company entered into a Supply and Distribution Agreement (the “C2M Agreement”) with Ceed2Med, LLC (“C2M”), the Company’s largest stockholder, to which C2M agreed to purchase a minimum of 10,000 pounds of the Company’s 2019 hemp harvest. During the one-year term of the C2M Agreement, the Company has the option to purchase the distribution operations of C2M. The C2M Agreement was approved by a majority of the disinterested directors of the Company.
Canntab Agreements
On November 20, 2019, the Company entered into the Non-Exclusive Distribution and Profit Sharing Agreement (the “Canntab Agreement”) with Canntab Therapeutics USA (Florida), Inc. (“Canntab”). to the Canntab Agreement, which shall have a term of 2 years and is subject to automatic renewal, the Company has been appointed as the non-exclusive distributor of certain Canntab products throughout the United States. Canntab shall not grant a third party the right to promote, sell or deliver the products within the United States during the term of the Canntab Agreement, subject to certain exceptions. In addition, the Company and Canntab agree to share equally in the gross profits received from the Company’s sale of the products. With respect to sales of the products effected by Canntab, the Company shall receive 10% of the gross profits. In connection with the Canntab Agreement, the Company and Canntab also entered into a Supply Agreement, which shall have a term of 2 years and is subject to automatic renewal, to which the Company agrees to sell hemp extracts to Canntab (together with the Canntab Agreement, the “Canntab Agreements”).
The foregoing description of the terms of the C2M Agreement and the Canntab Agreements does not purport to be complete and is subject to, and is qualified in its entirety by reference to, the provisions of those agreements, copies of which are filed as Exhibits 10.1, 10.2, and 10.3, respectively, and are incorporated herein by reference.
On November 20, 2019, the Company released the press releases furnished herewith as Exhibits 99.1 and 99.2.
Item 9.01
Financial Statements and Exhibits.
Exhibits
10.1
Supply and Distribution Agreement by and between the Company and Ceed2Med, LLC, dated November 14, 2019*
10.2
Non-Exclusive Distribution and Profit Sharing Agreement by and between the Company and Canntab Therapeutics USA (Florida), Inc., dated November 20, 2019*
10.3
Supply Agreement by and between the Company and Canntab Therapeutics USA (Florida), Inc., dated November 20, 2019*
99.1
Press Release, issued November 20, 2019*
99.2
Press Release, issued November 20, 2019*
* Filed herewith
Exactus, Inc. ExhibitEX-10 2 ex10-1.htm SUPPLY AND DISTRIBUTION AGREEMENT Blueprint Exhibit 10.1 SUPPLY AND DISTRIBUTION AGREEMENT This Joint Development,…
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About EXACTUS, INC. (OTCMKTS:EXDI)
Exactus, Inc. (Exactus), formerly Spiral Energy Tech, Inc., is a life science company. The Company will develop and commercialize Point-of-Care (POC) diagnostics for measuring proteolytic enzymes in the blood based on a detection platform. The Company’s primary business focus will be the development and commercialization of the FibriLyzer and related technology licensed by Exactus. The Company’s products will employ a disposable test biosensor strip combined with a portable hand held detection unit that provides a result in approximately 30 seconds. The Company intends to file to gain regulatory approval and launch its products in the United States and Europe.
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