Item 8.01 Other Events
On
As previously reported, GLFI signed a management agreement with
The LOI outlines the material terms of the proposed distribution agreement, which are summarized as follows:
1) Amber Metrics would agree to purchase bulk raw products from GLFI through its
Jujuy and South American operations. Such products will be offered by GLFI on
a discount basis and be adjusted by a margin of 6% to 11% based on the size of
qualities committed by Amber Metrics to be outlined in the definitive
distribution agreement.
2) The term will be for two years and will automatically renew unless terminated
by one of the parties.
3) Pricing will be determined by quality, market and volume, among other factors.
In addition to the above distribution terms, the parties also noted in the LOI
that GLFI and Amber Metrics will create a joint venture to offer a line of CBD
based products for the
The transaction is subject to final due diligence by the parties and the execution of definitive agreements between the parties within a 30-day period from execution of the LOI. A copy of the LOI is attached hereto as Exhibit 99.1 and is incorporated herein by reference. The foregoing description of the LOI is qualified in its entirety by reference to the full text of the LOI.
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