OTTAWA, ONTARIO--(Marketwired - Feb. 6, 2017) - Agro-Tek Inc. ("Agro-Tek") a subsidiary of Tetra Bio-Pharma Inc. ("Tetra" or the "Company") (CSE:TBP)(CSE:TBP.CN)(OTC PINK:GRPOF), a pharmaceutical company focused on developing and commercializing therapeutic cannabis-based products for the treatment of pain and other medical conditions announced today it has entered into an five (5) year exclusive Supply and Distribution agreement with Engen Medical Corporation ("Engen") for the Canadian distribution of its Munchies B Gone gum. In exchange for a payment of $28,000 on signing the agreement and a minimum purchase commitment of $1,580,000 over five years, Agro-Tek will have exclusive sales and distribution rights in Canada. Engen will be responsible for all manufacturing and regulatory aspects.
Approximately $500 million of chewing gum was sold in Canada last year and $3.5 billion was sold in the United States. Sugar-free gum is expected to show the greatest growth within the sector in both Canada and the United States over the next few years. (Source: The Globe and Mail published Wednesday, February 04, 2015).
The worldwide chewing gum market grew by about 20 per cent between 2009 and 2014, reaching $24.7-billion in 2014. And it is projected to grow another 32 per cent to $32.5 billion by 2019. (Source: The EuroMonitor).
"Tetra is excited to be teaming up with Engen to bring Munchies B Gone to the Canadian market. This distribution agreement launches the first line of revenue generating products for Agro-Tek," said Andre Rancourt, CEO of Tetra. Agro-Tek is currently in negotiations with multiple distributors servicing the over 3,000 cannabis lifestyle and retail stores that exist in Canada and cater to the Cannabis consumer.
"We are extremely excited about working with Agro-Tek to launch our Munchies B Gone gum into the Canadian market," said Paul Epner, Co-Founder and Managing Director of Engen.
About Engen Medical Corporation. Engen, a privately held United States corporation, owns the global patent and intellectual property rights to several chewing gum products, including Munchies B Gone gum catering to the cannabis and holistic herbal consumer.
The Canadian Securities Exchange ("CSE") has not reviewed this news release and does not accept responsibility for its adequacy or accuracy.
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