Steep Hill Enters License Agreement For a Licensed Lab in Vermont
Steep Hill also announces grant of stock options
Berkeley, California and Toronto, Ontario--(Newsfile Corp. - May 6, 2022) - Steep Hill Inc. (CSE:STPH) ("Steep Hill" or the "Company"), a pioneer and leader in cannabis analytical testing announces that it has entered into a licensing agreement (the "Licence Agreement") with SH Lab Holdings LLC ("Steep Hill Vermont"), expanding its network of licensees to the state of Vermont.
Under the terms of the License Agreement signed on April 20, 2022, the Company's wholly owned subsidiary, Steep Hill (US) granted to Steep Hill Vermont certain exclusive licenses with respect to Steep Hill's know-how and procedures, for purposes of operating a laboratory for testing cannabis, hemp and cannabis and hemp derived products in the state of Vermont under the "Steep Hill" brand.
Steep Hill CEO, Sameet Kanade, stated, "We are delighted to partner with Steep Hill Vermont, which has a dynamic, entrepreneurial team with a comprehensive industrial, scientific, and business management background and a rich experience in the cannabis industry. We look forward to working with them to bring robust safety compliance testing to Vermont's medical patients and adult consumers."
Steep Hill Vermont's Lab Director, Callie Chapman, added, "Working with the State of Vermont, our laboratory plans to expand cannabis testing services, while offering quick turnaround times and educational resources for cultivators, manufacturers, and other industry participants. Our goal is to be a key partner in the success of the Green Mountain State's adult use market and continue to grow our industry. Steep Hill Vermont is projected to support cannabis and hemp cultivation and processor customers by fall of 2022."
Steep Hill approves issuance of stock options
The Company announces the grant of stock options (each an "Option") pursuant to the Company's stock option plan. The Company has granted an aggregate of 9,000,000 Options to certain directors, officers, employees, and consultants of the Company, including to executives and employees at its wholly owned subsidiary, Steep Hill (US) Inc. The Options are exercisable at a price of $0.08 per Option. The Options granted vest in four months and expire on May 3, 2025. Each Option is exercisable to purchase one common share in the capital of the Company.
ABOUT STEEP HILL
Steep Hill is a science and technology company focused on providing products and services, including analytical testing services within the hemp and cannabis market sectors. The Company's focus is on two areas: science and technology, by providing science-backed differentiated products and services that are critical within these sectors; and quality and compliance, by offering services that assist its customers to offer products and services that meet expected standards of quality, safety and compliance.
For further information, please contact:
Christian Poole | Phone: (510) 562-7400 | email@example.com
Notice Regarding Forward-Looking Information
The information in this news release includes certain information and statements about management's view of future events, expectations, plans and prospects that constitute forward-looking statements. Forward-looking statements in this news release include, but are not limited to, management's expectations with respect to the License Agreement and the timing of the opening and operation of Steep Hill Vermont's laboratory. These statements are based upon assumptions that are subject to significant risks and uncertainties, including assumptions that Steep Hill Vermont's laboratory will be operational as planned and assumptions about the operations, financial condition and future performance of Steep Hill and Steep Hill Vermont. Although the Company considers these assumptions to be reasonable based on information currently available to them, they may prove to be incorrect, and the forward-looking statements in this news release are subject to numerous risks, uncertainties and other factors that may cause future results to differ materially from those expressed or implied in such forward-looking statements. Such risk factors may include, among others, the risk that required approvals and the satisfaction of material conditions have not been obtained in connection with the License Agreement. Although the Company's management believes that the expectations reflected in forward-looking statements are reasonable, the Company can give no assurances that the expectations of any forward-looking statements will prove to be correct. Except as required by law, the Company disclaims any intention and assume no obligation to update or revise any forward looking statements to reflect actual results, whether as a result of new information, future events, changes in assumptions, changes in factors affecting such forward-looking statements or otherwise.
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