Cannabis and hemp process equipment provider CryoMass Technologies has signed a $10.2m multi-state license agreement with Californian start-up RedTape Core Partners for its cryogenic Trichrome Separation technology.
Under the terms of the new deal, RedTape will license the patented process and deploy 12 Trichome Separation systems. These systems will be paid for throughout the course of the year.
CryoMass has agreed to deliver the units to RedTape according to a schedule that extends over 24 months. In addition to the instalments, RedTape will pay CryoMass 50% of all net revenue generated by the units over the life of the agreement.
The first Trichome Separation unit was delivered to RedTape’s Costal Refinement Solutions cannabis extraction and processing centre in Monterrey, California.
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