Company: BUDZ
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001096906-25-000350
Chunk: 13

Company: WEED, INC.
Filing Date: 2025-03-31
Form: 10-K
Item: Item 1
Chunk 13
---
 create a lucrative crop to add to the rotation of US farmers. Industrial hemp’s uses and
potential are as great as many major crops, if not more. We believe NWG is utilizing modern sequencing technology and statistical genomics
approaches to understand these factors as they apply to hemp production in states where it is legal to grow. Understanding the genotype
to phenotype map will be increasingly useful for expanding production of hemp.

While we do not believe
any of the above companies or universities are direct competitors of ours based on what we believe about their work in the industry, they
could be competitors for research funding dollars. We are not aware of the financial situation of many of the above companies and universities,
but we will need to raise substantial additional capital in order to fully-fund the five year genomic study and the facilities to complete
the study. Most of the above companies and universities are likely better financed than we are and we will need to raise substantial funds
in order to compete in the cannabis research industry.

Intellectual Property

On March 1, 2019, we entered
into an Exclusive License and Assignment Agreement (the “Technology Agreement”) with Yissum Research Development Company of
the Hebrew University of Jerusalam, Ltd., an entity organized in Israel (“Yissum”). Under the terms of the Technology Agreement,
Yissum agreed to grant an exclusive license, and eventually assign, to us certain platform technologies relating to different formulations
for administration and delivery of lipophilic compositions, (including cannabinoids) (collectively, the “Technology”) invented
and/or developed by Prof. Elka Touitou at The Hebrew University of Jerusalem, which technologies are more fully described in the patent
applications and/or patents listed in Appendix A to the Technology Agreement.

Under the Agreement, in
exchange for an exclusive license to use the Existing Technologies, we were to pay Yissum a total of USD$1,000,000 as follows: (i) $100,000
within three (3) business days of signing the Technology Agreement (which amount has been paid), (ii) $400,000 on or before May 1, 2019,
and (iii) $500,000 on or before December 31, 2019 (together, the “License Payments”). The grant of the exclusive license and
the transfer to us of the responsibility for the administration and control of patent activities and patent expenses related to the Existing
Technologies was to occur after the USD$400,000 payment due