Ignite International Brands Signs Binding Letter of Intent for Manufacture and Distribution of Cannabis Products in Europe

Published: February 28, 2019

Ignite International Brands Signs Binding Letter of Intent for Manufacture and Distribution of Cannabis Products in Europe

Ignite International Brands, Ltd. (formerly Green Axis Capital Corp.) has entered into a binding letter agreement (“LOI”) with an established, vertically-integrated European white label manufacturer. It is proposed that the European manufacturer will, under non-exclusive license to be granted by the Company, manufacture, package and distribute Ignite branded products to select wholesale and retail channels in strategic European territories subject to and in accordance with applicable jurisdictions laws and regulations. The Company and the manufacturer plan to jointly develop a marketing program that will support the launch of Ignite branded products in select European markets.

The manufacture and distribution relationship will provide the Company with a unique opportunity to leverage its international brand recognition, established through an extensive non-North American social media base comprised of approximately 10 million followers, and access consumers in both wholesale and retail channels in select European markets.

The Company intends to build upon this strategic distribution relationship to introduce a host of Ignite branded products to legal European cannabis markets, which some expect to exceed $165 billion in value by 2028 (Prohibition Partners, July 12, 2018). Upon completion of due diligence by both parties, it is expected that the Binding LOI will be confirmed by definitive agreements by March 31, 2019.