EnWave Corp (TSX-V:ENW, OTC:NWVCF) announced that it has signed a royalty-bearing, commercial license agreement with Shinyway International Limited, a service provider of cannabis processing based in New Zealand.
Under the terms of the deal, Shinyway has been licensed to use EnWave’s patented Radiant Energy Vacuum (REV) technology to produce cannabis products in New Zealand.
The vacuum microwave dehydration provider said Shinyway will pay a royalty commensurate with certain other existing licenses granted by EnWave.
The company noted that it intends to continue working closely with Shinyway to ensure optimal product development success.
Shinyway, which provides drying and trimming services for cannabis growers, plans to initially install one 10-kilowatt REV machine to maximize its competitive edge in drying service by using EnWave’s technology.
Shares of EnWave added 5.3% on the news in Toronto Wednesday morning.