SKTG 8-K
Skytech Orion Global Corp. (SKTG)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM
CURRENT REPORT PURSUANT
TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
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Item 1.01 Entry into a Material Definitive Agreement.
On January 18, 2022, Citrine Global Corp’s (the “Company”) majority owned subsidiary, Cannovation Center Israel Ltd. (“Cannovation”) ,and Intelicanna Ltd. (“Intelicanna”), entered into a binding memorandum of understanding (the “MOU”) pursuant to which Intelicanna is to market and sell Cannovation’s proprietary “Green Side by Side” products line in Israel.
The “Green Side by Side” products line contains natural & herbal formulas from researched and science-based plants arriving in multiple form factors, including oral sprays, capsules , tablets, herbal extracts, and more, and to be offered as complementary products to medical cannabis patients.
The “Green Side by Side” products line is part of Cannovation’s strategy to bring to market plant-based wellness and pharma innovation and products based on research and development. As previously disclosed, in October 2021, a Provisional Patent Application No: 63/257,673 for “PHARMACEUTICAL COMPOSITIONS AND METHODS FOR THE TREATMENT OF SIDE-EFFECTS ASSOCIATED WITH THE USE OF CANNABIS, CANNABINOIDS AND RELATED PRODUCTS”.
Intelicanna is a public company traded on the Tel Aviv Stock Exchange and engaged in plant genetics, agro technologies, product development, and sales & marketing of medical cannabis products.
Under the MOU, Intelicanna was granted exclusive marketing and distribution rights in Israel on a trial basis for six months. The parties contemplate that the “Green Side by Side” products line will be offered as complementary products to medical cannabis patients. The “Green Side by Side” products do not include any cannabis, cannabinoid, or cannabis-related components and are manufactured and approved for use as food supplements under the GMP standard of the Israeli Ministry of Health.
Following the six months period, the parties contemplate entering a successive agreement relating to additional collaboration options. Under the MOU Cannovation will sell to Intelicanna the “Green Side by Side” products line as agreed upon fixed prices, which may be adjusted from time to time, as needed. The MOU also contains provisions typical in transactions of this nature including confidentiality, retention of rights to intellectual property and other related matters.
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.
| Citrine Global, Corp | ||
| By: | /s/ Ora Elharar Soffer | |
| Name: | Ora Elharar Soffer | |
| Title: | Chairperson of the Board and CEO | |
Date: January 20, 2022