TORONTO, July 05, 2019 (GLOBE NEWSWIRE) — Following last Friday’s report in Postmedia’s “The Growth Op”, ZoomerMedia Limited (“ZoomerMedia”) confirmed the second stage in its recent deal with Canopy Growth Corporation (“Canopy”).
The first stage involved the licensing of the “CARP Recommended” and “Zoomer Recommended” seals. This affinity partnership agreement allows Canopy the exclusive right to use the “CARP Recommended” and “Zoomer Recommended” seals for Canopy’s medical and recreational brands, respectively. This agreement is for a two-year term commencing October 17, 2018, with a one-year renewal option. As part of this agreement, Canopy has committed to an annual minimum spend of $300,000 with ZoomerMedia through its various media properties and television production facilities.
This second agreement is an exclusive brand licensing agreement which allows Canopy and ZoomerMedia to work together to develop Zoomer and CARP branded cannabis products to be ready for retail sale by April 2021 at the latest. As each product is developed, a separate royalty arrangement will be agreed upon by ZoomerMedia and Canopy.
This exclusive brand licensing agreement also has a two-year term commencing October 17, 2018 with a one-year renewal option. As part of this agreement, ZoomerMedia received 16,147 common shares of Canopy.
“I spoke to [recently ousted Canopy Growth co-CEO] Bruce Linton as recently as June 24th, and in that conversation he enthusiastically reconfirmed Canopy’s commitment to carry through with the second part of our deal, namely the development of proprietary strains, and/or, related cannabis products appropriate to each of the CARP and Zoomer demographics. An announcement will follow when these have been established, along with initiatives to educate the Zoomer and CARP audiences about these products through our own TV, radio, magazine and online outlets,” said long-time medical marijuana advocate and ZoomerMedia CEO and Founder, Moses Znaimer.
“In large measure, older Canadians are supportive of cannabis, both for medical and moderate recreational use. We know that Zoomers are also looking for alternatives in addition to flower, so we’ll be exploring options like CBD, gel caps, edibles, and beverages. Our contract with Canopy calls for products to be available to consumers within a year,” concluded Znaimer.
According to Statistics Canada, 1,180,015 Canadians between the ages of 45 to 64 consumed cannabis in 2018 for a total of 211,868 kilograms.
About ZoomerMedia Ltd.
Founded in 2008 by Moses Znaimer (Citytv, CP24, MuchMusic, Bravo! etc.), ZoomerMedia is Canada’s leading diversified multimedia company devoted to creating content, services and experiences for Canada’s largest demographic – “Zoomers” or the 16.1 million Canadians aged 45plus – on all platforms: television, radio, print, digital, and live events.
Featured image courtesy of Dalton.