Discover Wellness Solutions Chief Strategy Officer Manish Grigo (CSE: WLNS)
Channel: RICH TV LIVE
Date: 2021-03-12

Discover Wellness Solutions Chief Strategy Officer Manish Grigo (CSE: WLNS) - RICH TV LIVE - March 12 - 2021 -  Discover Wellness Solutions Inc. (CSE: WLNS) (formerly RMMI Corp.) ("Discover Wellness", "DWS" or the "Company"), a licensed producer and processor under the Cannabis Act (Canada), is pleased to announce that it has entered into a Memorandum of Understanding on Co-operation on Arrangement of Hemp Business in Thailand with Quad Play ("QP") of Thailand (the "MOU"). Thailand is an attractive market for Discover Wellness as it is the first country globally to deregulate hemp-derived oils and extracts which allows it to be included in consumer product goods. The MOU is the first step in DWS and QP creating a joint business for the development and marketing of consumer-packaged goods infused with hemp extracts for the Asian market, including wellness, food, beverage and cosmetics products.

Under the terms of the MOU QP would import high-potency hemp seeds from DWS for distribution and cultivation in Thailand. QP will become an exclusive supplier of DWS seeds in Thailand. The agreement is subject to an initial trial order of 20,000 seeds. Upon successful completion of the trial order, QP will pre-purchase 200,000 seeds (US$200,000 value) and in return DWS will receive a 4% equity interest in QP. Additionally, DWS has a Right of First Refusal ("ROFR") to acquire control of QP once regulations in Thailand allows for control by foreign companies.

QP will arrange for cooperation with producers in Thailand of medicine, food and drinks products who wish to incorporate hemp oils and extracts in their products. By this arrangement, DWS can use Thailand as a base for distributing seeds, cultivating and producing DWS's products for sales in Thailand domestically and internationally.

Effective, January 29, 2021, the Thai government amended its hemp regulations. Under its new definition hemp with 1% THC can now be imported, exported and used for government, industrial, medical and research purposes.

"We view this arrangement as a first step for Discover Wellness' global distribution strategy into the fast-growing food and beverage markets of Asia, a potential $5.8 billion market by 2024 according to Prohibition Partners. We are excited to be working with QP as our exclusive partner and leverage their deep relationships with traditional consumer packaged goods companies within Thailand and the broader Asian market," commented Peter Cheung, Interim Chief Executive Officer and Chief Financial Officer. 

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