Steep Hill also announces grant of stock options
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.