As quoted in the press release:
The LOI also contemplates the receipt by CannaRoyalty of the exclusive global rights to license FloraCal’s full Intellectual Property (“IP”) portfolio, inclusive of brand, outside of California.
FloraCal is a 100% family owned and operated cultivator in Northern California that handcrafts, brands and packages small batches of ultra-premium cannabis flower, with an average selling price of over US$17 per gram. FloraCal’s products are currently available in over 210 dispensaries in California through CannaRoyalty investee River Distribution (“River”). The Company and FloraCal will jointly execute a purpose-built expansion into CannaRoyalty’s existing 20,000 square foot facility in Sonoma County, which is strategically adjacent to both River and FloraCal’s current manufacturing and cultivation facilities.