NASC 8-K
Can B Corp (NASC)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
CURRENT REPORT
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Item 1.01 Entry into a Material Definitive Agreement.
On January 12 2022, Can B Corp., a Florida corporation (the “Company”) entered into a definitive agreement with PrimeX LLC for the distribution of certain of the Company’s products in Brazil and other potential international markets (the “Agreement”). Pursuant to the Agreement, the Company will supply PrimeX with its CBD and non-CBD products for distribution in Brazil at a 50/50 net revenue share, with all expenses relating to such product to be reimbursed to the Company before the revenue split. In addition, the Company has agreed to white label products for PrimeX at a price of the Company’s cost plus 25%. PrimeX will be the exclusive provider of Company products in Brazil and will have the option to enter additional international markets. The Company has agreed to provide requested samples to PrimeX at cost. The Company will assist PrimeX with marketing and USA compliance relating to the products. The Company has agreed to extend PrimeX 60 day payment terms with a line of credit up to $200,000.
The term of the Agreement is two years with one-year automatic extensions unless either party terminates before extension. The Agreement contains indemnification, confidentiality, non-disparagement and non-solicitation obligations for both parties.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| Can B̅ Corp. | ||
| Date: March 4, 2022 | By: | /s/ Marco Alfonsi |
| Marco Alfonsi, CEO | ||