- Eve & Co (EVE) subsidiary, Natural MedCo, has signed a supply agreement with Canadian winery, Colio Estate Wines
- Under the agreement, the companies will develop a cannabis-infused wine-based beverage for distribution by Eve & Co
- The resulting wine product will be licensed through Colio’s top-selling wine beverage brand, Girls’ Night Out
- The license agreement will initially be for three years, although Natural MedCo may choose to extend it by two years
- Eve & Co (EVE) is up 7.69 per cent and is currently trading at C$0.07 per share
Eve & Co (EVE) subsidiary, Natural MedCo, has signed a supply agreement with Canadian winery, Colio Estate Wines.
The company previously entered into a letter of intent with Colio in November 2019, for the development of cannabis-infused beverages. This supply agreement confirms and kickstarts the arrangement set down in the original LOI.
Under the agreement, Natural MedCo and Colio will develop a cannabis-infused, wine-based beverage. The resulting product will be distributed by Eve & Co, and licensed through Girls’ Night Out.
Girls’ Night Out is Colio Estate Wines’ top-selling domestic flavoured wine beverage brand.
The license agreement will have an initial term of three years, although Natural MedCo may extend it by two years. The agreement also contemplates licensing royalties for the cannabis-infused beverage, if it enters the adult-use market in 2020.
Eve & Co’s President and CEO, Melinda Rombouts, commented on the company’s subsidiary partnering with Colio as sister brands.
“We are very excited to be working with Colio and the tremendous team behind the Girls’ Night Out brand.
“The combination of Colio’s expertise with our high-quality cannabis extract allows us to provide consumers with a new cannabis-infused beverage which aligns very well with our female-oriented vision,” she said.
Colio Estate Wines’ President and CEO, Jim Clark, also welcomed the collaboration between the companies.
“Colio is delighted to be working with Eve & Co to produce a new cannabis-infused beverage that builds on the success of the Girls’ Night Out brand at satisfying the tastes and palates of female wine aficionados or connoisseurs,” he said.
Eve & Co (EVE) is up 7.69 per cent and is trading at C$0.07 per share at 11:04am EDT.