VANCOUVER, British Columbia, Oct. 22, 2019 (GLOBE NEWSWIRE) — EnWave Corporation (TSX-V:ENW | FSE:E4U) (“EnWave”, or the “Company”) reports today that EnWave and Aurora Cannabis Inc. (“Aurora”) (TSX: ACB) (NYSE: ACB) a global leader in the cannabis industry, have signed an exclusive, royalty-bearing commercial license agreement with sub-licensing rights (the “Agreement”) to use the Company’s proprietary Radiant Energy Vacuum (“REV™”) dehydration technology for the drying of cannabis in Australia.
Aurora will hold an exclusive master license for the drying of cannabis using REV™ in Australia and will work closely with EnWave to pursue sub-licensing opportunities. If certain minimum commercialization requirements are met, Aurora will receive an undisclosed share of royalties derived from any cannabis product dried with REV™ technology by sub-licensees in Australia.
Concurrently with the signing of the Agreement, EnWave and Aurora have signed a royalty-bearing sublicense (the “Sublicense”) with Cann Group Limited (“Cann Group”) (ASX: CAN), Australia’s first Medical Cannabis Cultivation Licensee.
The Sublicense grants Cann Group the right to use EnWave’s REVTM technology to dry cannabis in Australia. Pursuant to the Sublicense, Cann Group has signed an equipment purchase agreement to obtain a 10kW REV™ machine to initiate commercial production.
The Sublicense is the first sublicense granted by Aurora and EnWave and the fifth royalty-bearing commercial license agreement signed by EnWave to dry cannabis using its proprietary dehydration technology.
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