Mountain Valley MD Holdings Inc. announced that Mountain Valley MD Inc. has entered into a letter of intent to complete a licensing agreement with Red White & Bloom Brands Inc. Mountain Valley and RWB anticipate completing a Product Development and Commercial Licensing Agreement (the “Agreement”) before the end of October, 2021. The Agreement will set out the terms upon which Mountain Valley will develop one or more formulas using MVMD's Quicksome™ technology and novel cannabinoid solubilization technique to be applied by RWB to various cannabis product applications. RWB would have an exclusive license initially in Florida, Michigan and California to manufacture and distribute its cannabis products in exchange for payments, including research and development fees and royalties.

Through its research and development work, Mountain Valley had worked initially on a proprietary solubilization technique that was applied to both THC and CBD molecules. The solubilized cannabinoids were then applied to a unique Quicksome™ THC-based sleep formulation created for RWB, which is the initial formula to be developed by Mountain Valley pursuant to the LOI, to achieve the desired efficacy to support RWB's pursuit of the medical sleep market initially in Florida, Michigan and California.