TORONTO - Cannvas MedTech Inc. ("Cannvas" or the "Company") (CSE: MTEC), a leading business technology company within the cannabis space, and Natures Hemp Inc. ("Natures Hemp"), a biotechnology and consumer products company focused on unlocking the true value of the hemp for both B2B and B2C markets, are pleased to announce the signing of a letter of intent "LOI" (the "Agreement"), to negotiate, in good faith, a data analytics agreement, for which Cannvas will provide industry insight and analytical modelling capabilities to Natures Hemp business models and Key Performance Indicators (KPIs).
"Natures Hemp is on the leading edge of the emerging hemp economic eco-system and recognizes the importance of consumer data and both market and industry analysis as a core component and key driver of its business models," said Shawn Moniz, Chief Executive Officer, Cannvas MedTech Inc. "Truly knowing your customer is invaluable when applying a targeted approach to high value customer-based segments within your industry. Companies like Natures Hemp will benefit from partnering with our data and analytics division by using industry insights for planning and product development. Natures Hemp will benefit by using our proprietary data algorithms to determine the appropriate product mix and product release schedule to maximize company revenue potential. Cannvas Data will gain important access to Natures Hemp (a hemp industry first for Cannvas) product database and industry targeting data, further enriching our data sets of both the cannabis and hemp consumer markets."
Under the terms of the Agreement, Cannvas will develop specific parameters within its existing Cannvas Data framework to collect data and analytics from Natures Hemp and their strategic partnerships, and Natures Hemp gains access to a broad data set as they press forward in the hemp sector and become a stand-alone public company. This agreement will allow Natures Hemp to bring the right products to market, at the right time, to the right individuals that will maximize Natures Hemp customer conversion funnel.
Cannvas Data is the analytics branch of Cannvas MedTech. Its mission is to collect data from various credible sources to enhance user persona data algorithms for Cannvas.me. Cannvas Data will leverage existing databases, site traffic and advanced technology for marketing purposes, and will leverage its comprehensive solution for the global hemp community. The companies have agreed to a discovery period whereby the technological specifications of the connectivity will be setup by Cannvas Data, and will work together towards a definitive partnership agreement within the next 45 days.
The letter of intent between the two companies comes after a wide-ranging agriculture and food policy legislation known as the Farm Bill, passed in the U.S. Senate by a vote of 86 - 11 on June 28, 2018. The Bill contains provisions to legalize the cultivation, processing and sale of industrial hemp. In April, Senate Majority Leader Mitch McConnell (R-KY) introduced standalone legislation to legalize hemp and make hemp plants eligible for crop insurance, the Hemp Farming Act, which were included in the larger Farm Bill. If and when receiving final approval, the non-psychoactive form of cannabis would finally become legal to grow in the United States after a long absence.
Source : newswire.ca