Bud Genius Inc. (RIGH 0.0003 0.00%), a leading laboratory for cannabis testing and a branding specialist, recently announced that it signed a letter of intent to acquire Evergreen Licensing, the exclusive licensor of Tommy Chong marijuana, hemp, and cannabis-related products. Under the terms of the agreement, the company will manage licensing and distribution of Tommy Chong products in California, as well as provide a variety or revenue-generating services.
“We are pleased to have signed the Letter of Intent to acquire Evergreen Licensing – a team that we have known and respected for years,” said Angel Stanz, CEO of Bud Genius. “As many people know, Tommy is a cancer survivor and credits medical cannabis as a leading factor in his recovery. As such, he is personally committed to building the Tommy Chong brand into one of the premier brands in the industry. We are delighted and proud to be his partner in this quest.”
Bud Genius’ laboratories will ensure that Tommy Chong products meet stringent standards and maintain consistently high quality. Once certified, the company will distribute the product to authorized cannabis collectives with marketing collateral that it designs with input from the Tommy Chong team. Non-THC products – including smoking accessories – will be distributed to retail channels. And, the company will also build customer loyalty programs and intelligence platforms.
The move comes shortly after the company added Randall A. Huft, a noted cannabis marketing and communication expert, to its executive team. As a consultant to MedBox Inc. (MDBX 1.53 -7.27%) during their rise, he is well known within the cannabis and investment community as the one who helped position the “marijuana vending machine” company as one of the leading stories of the year, which resulted in the stock’s meteoric rise and significant valuation.
Shares of Bud Genius Inc. were trading up 50% at $0.0003 during early trading hours on Monday, March 30, 2015 following the news release.