Current Report Filing (8-k)
March 07 2019 - 9:01AM
Edgar (US Regulatory)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 8-K
Current Report
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of
1934
Date of
Report (Date of earliest event reported):
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March 1, 2019
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WEED, INC.
(Exact name of registrant as specified in its charter)
Nevada
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333-219922
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83-0452269
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(State or other
jurisdiction of incorporation)
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(Commission
File Number)
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(I.R.S. Employer
Identification No.)
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4920 N. Post Trail
Tucson, AZ 85750
(Address of principal executive offices)
(zip code)
(520) 818-8582
(Registrant’s telephone number, including area
code)
(Former name or former address, if changed since last
report.)
Check
the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant
under any of the following provisions:
☐ Written communications pursuant to Rule 425
under the Securities Act (17 CFR 230.425)
☐ Soliciting material pursuant to Rule 14a-12
under the Exchange Act (17 CFR 240.14a-12)
☐ Pre-commencement communications pursuant to
Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))
☐ Pre-commencement communications pursuant to
Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))
Item
1.01
Entry
into a Material Definitive Agreement.
License and Merger Agreement
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 will 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
occurs after the USD$400,000 payment due May 1, 2019.
The
intent of the parties is that we will have the exclusive license
until such time as the Existing Technologies are assigned to WEED,
Inc.. In order to receive the assignments and own the five (5)
patents and the Technologies, in addition to the License Payments
we must pay Yissum a total of USD$1,000,000, with $300,000 due on
or before June 1, 2020 and $700,000 on or before September 1, 2020.
Additionally, we will owe Yissum an additional USD$1,500,000 upon
the earlier of the following events: (i) the first commercial sale
of a pharmaceutical product based on the Technology, or (ii) the
later of: (a) the first commercial sale of any product based on the
Technology, and (b) when we receive an aggregate of USD$1,500,000
in gross revenue from all sales of products based on the
Technology.
The
description of the Technology Agreement set forth in this report is
qualified in its entirety by reference to the full text of that
document, which is attached hereto as Exhibit 10.1 and is
incorporated herein by reference.
Consulting Agreement
In
connection with the Technology Agreement, on March 1, 2019, we
entered into a Consulting Agreement with Yissum and Prof. Elka
Touitou (“Consultant”), under which Consultant will
provide us with consulting services comprised of the following: (i)
providing advice, support, theories, techniques formulations and
improvements in connection with our scientific research and product
development activities related to the development and
commercialization of the Technology and products and services (ii)
making presentations and be a speaker (including a keynote speaker)
at local and international conferences and events to be mutually
agreed upon us and the Consultant in advance; (iii) reading and
reviewing relevant scientific publications; and (iv) reviewing and
commenting on all patent applications and patents within the
Technology and any other of our new patents applications and/or
patents in the field of Cannabinoids and hemp (including high
dosage THC, THC or Cannabidiols (CBD)), which 100% of all
discoveries, know-how and patents will be owned by WEED, Inc. In
exchange for her services under the Agreement, the Consultant
receives: (i) $75,000 one-time consultancy fee, (ii) a monthly
consultancy fee of USD$6,250, and (iii) 75,000 shares of our common
stock, restricted with a standard restrictive legend. The
Consulting Agreement is for a term of two years.
The
description of the Consulting Agreement set forth in this report is
qualified in its entirety by reference to the full text of that
document, which is attached hereto as Exhibit 10.2 and is
incorporated herein by reference.
Item
7.01
Regulation
FD Disclosure.
On
March 7, 2019, we issued a press release announcing the signing of
the Exclusive License and Assignment Agreement with Yissum Research
Development Company of the Hebrew University of Jerusalem, Ltd.. A
copy of the press release is furnished with this Current Report as
Exhibit
99.1
.
The
information in this Item 7.01 of this Current Report on Form 8-K,
including Exhibit 99.1 attached hereto, shall not be deemed to be
“filed” for the purposes of Section 18 of the
Securities Exchange Act of 1934, as amended (the “Exchange
Act”), or otherwise subject to liability under such section,
nor shall it be deemed incorporated by reference in any of our
filings under the Securities Act of 1933, as amended, or the
Exchange Act, regardless of any general incorporation language in
such filing, unless expressly incorporated by specific reference in
such filing.
Item 9.01
Financial Statements and Exhibits
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf
by the undersigned hereunto duly authorized.
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WEED,
Inc.,
a
Nevada corporation
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March 7,
2019
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By:
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/s/
Glenn E.
Martin
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Glenn E. Martin,
Chief Executive Officer
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(Principal
Executive Officer)
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