Stony Hill Corp. (OTCMKTS:STNY) Files An 8-K Entry into a Material Definitive Agreement
Item 1.01 Entry into Material Definitive Agreement
Colorado Marketing Agreement and License
On May 25, 2017, Stony Hill Corp., a Nevada corporation (the
Company), announced that it had entered into a Marketing
Agreement (the Agreement), effective May 15, 2017, with BTE LLC,
a Colorado limited liability company (BTE), to which, the Company
licensed the name and phrase Damian Marleys Stony Hill to BTE for
use in the State of Colorado for a term which expires on February
28, 2018.
BTE operates a retail cannabis businesses in Colorado, and has
agreed to rename the its retail business located at 1269 Elati
St., Denver, Colorado, to Damian Marleys Stony Hill by Tru
Cannabis. As consideration for the license, BTE is obligated to a
cash fee to the Company for each retail location in Colorado in
which it uses the Damian Marleys Stony Hill name. Additionally,
if BTE sells a dispensary, BTE is obligated to pay the Company
that amount equal to a percentage of the net profits of the sale.
The Company has requested confidential treatment from the
Secuities and Exchange Commission for the amount of cash fee(s)
and the percentage payable by BTE to the Company.
Oregon Marketing Agreement and License
On May 25, 2017, Stony Hill Corp., a Nevada corporation (the
Company), announced that it had entered into a Marketing
Agreement (the Agreement), effective May 15, 2017, with SBR
Broadway Retail LLC, a Colorado limited liability company (SBR),
to which, the Company licensed the name and phrase Damian Marleys
Stony Hill to SBR for use in the State of Oregon for a term which
expires on February 28, 2018.
SBR operates a retail cannabis businesses in Oregon, and has
agreed to rename the its retail business located at 801 NE
Broadway St., Portland, Oregon, to Damian Marleys Stony Hill by
Tru Cannabis. As consideration for the license, SBR is obligated
to a cash fee to the Company for each retail location in Colorado
in which it uses the Damian Marleys Stony Hill name.
Additionally, if SBR sells a dispensary, SBR is obligated to pay
the Company that amount equal to a percentage of the net profits
of the sale. The Company has requested confidential treatment
from the Secuities and Exchange Commission for the amount of cash
fee(s) and the percentage payable by SBR to the Company.
Item 9.01 Financial Statements and Exhibits
(d) Exhibits:
|
Exhibit |
Description |
|
10.1 |
Marketing Agreement, effective May 15, 2017, by and between |
|
10.2 |
Marketing Agreement, effective May 15, 2017, by and between |
_______________
(1) To be filed by amendment to this Current Report on Form 8-K
upon approval of confidential treatment and omission of certain
portions of this agreement based upon a request for confidential
treatment.
|
2 |
About Stony Hill Corp. (OTCMKTS:STNY)
Stony Hill Corp. is a vertically integrated company focused on multiple areas of the cannabis and hemp industry. The Company is engaged in exploring involvement in the consumer, health and wellness, recreational, medical, media and nutraceutical industry. The Company has made a strategic investment in Cannabi-Tech Ltd. (Cannabi-Tech), a provider of lab-grade medical cannabis quality control testing systems based in Israel. Cannabi-Tech is developing a non-destructive detection device for the precise testing of the composition and potency of cannabis flowers. Cannabi Tech’s technology features optical and image processing tools for testing of medical marijuana flowers. The technology includes access to an integrated cloud database, traceable packaging, sorting and labeling mechanisms and smartphone applications. Stony Hill Corp. (OTCMKTS:STNY) Recent Trading Information
Stony Hill Corp. (OTCMKTS:STNY) closed its last trading session down -0.02 at 2.18 with shares trading hands.