Eve & Co Incorporated announced that its wholly-owned subsidiary, Natural MedCo Ltd., has entered into an exclusive letter of intent (the “LOI”) with Colio Estate Wines, one of Canada’s leading wineries and the company behind the top-selling domestic wine flavoured beverage brand, Girls’ Night Out1. The LOI contemplates developing a premium cannabis-infused beverage for inclusion in Eve & Co’s consumer packaged goods launch and entering into a license agreement for the Girls’ Night Out brand within 60 days. The term of the proposed license agreement is for an initial five years with a five year option in favour of Natural MedCo and contemplates licensing royalties. The Company anticipates distributing a cannabis-infused beverage to enter the adult-use market in 2020.
“We are thrilled to be working with Colio Estate Wines and the wonderful team behind the Girls’ Night Out brand. We’ve been working diligently with their team for quite some time. Colio Estate Wines has proven to be an excellent partner in developing a beverage offering to launch into the Canadian adult-use cannabis market and aligns very well with our female-oriented vision,” said Melinda Rombouts, President and Chief Executive Officer of Eve & Co.
“It’s been a pleasure working with Eve & Co as we are like-minded in our focus and culture and share the same corporate values and goals. We look forward to further collaboration with their team on this project and in this emerging sector,” noted Jim Clark, President of Colio Estate Wines.
Eve & Co, through its wholly-owned subsidiary Natural MedCo Ltd., holds cultivation and processing licences under the Cannabis Act (Canada) for the production and sale of various cannabis products. Natural MedCo Ltd. was Canada’s first female founded licensed producer of medicinal marijuana and received its cultivation licence from Health Canada in 2016.