Dooma Wendschuh Founders Update December 15, 2017
OK. Here’s the big news. I’m going to withhold some information because a lot of this is confidential. Some of you know more about this than others. If you know the names of the parties involved, please keep it CONFIDENTIAL. As you know we have been in discussions with various licensed producers for a while on a collaboration agreement and more importantly a way to purchase or otherwise secure Province’s licensure. We received a term sheet from a licensed producer the first week of November which we were prepared to sign, but which had significant risks. Concurrently with our receipt of that term sheet, we began to receive alternate proposals from other licensed producers offering similar arrangements. We ended up putting the deal we received in November on hold to explore these seemingly better opportunities. After pretty intense discussions with 6 licensed producers, and many term sheets going back and forth, we finally did sign a term sheet for a collaboration with a major licensed producer. This collaboration will see Province purchasing its own LP cultivation (we need this even though we won’t ever grow cannabis – don’t worry our business plan is not changing) and sales license. The company we are contracting with is extremely well known with a valuation in the hundreds of millions of dollars. To be clear this is just a non-binding term sheet. We still need to get through a signed long form agreement before we announce anything but it’s a major step in the right direction. I want to thank Jennifer, Oscar, Krina, Aman and everyone who helped us evaluate this and all the LP opportunities which we received over the past month and a half.