Cannabis-infused beverage maker BevCanna has entered into a definitive joint venture (JV) agreement with Mota Ventures.

Under the agreement, Mota Ventures will distribute BevCanna’s hemp-derived cannabidiol (CBD) products in the European market.

BevCanna chief strategy officer John Campbell said: “We’re eager to launch our CBD products in the European market.

“Infused beverages are a great way to enjoy cannabidiol in a familiar, appealing consumption format, while also being non-carcinogenic and more socially friendly than other formats.

“We’re also excited to employ our proprietary nano-technology in our beverages, which is more bioavailable and produces a rapid onset time.”

The proposed JV will be equally owned by both companies, who will be jointly responsible for developing and funding the operations of the new venture.

BevCanna will provide its proprietary brands, product formulations, formulas for nano-encapsulated water-soluble powders, as well as its manufacturing expertise to the JV company.

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Furthermore, Mota will provide manufacturing and distribution infrastructure in the European market.

Initially, the JV will launch BevCanna’s ‘LEV’ line of fruit-forward lightly sparkling CBD-infused spring water beverages and water-soluble powders.

The beverages will be produced using BevCanna’s proprietary method of nano-delivery of cannabinoids.

The JV will launch additional products over the life of the five-year agreement.

Finalisation of the JV is subject to the creation of a JV company by the parties, entry into shareholders’ agreement and credit facility arrangement between the two parties.

Earlier this month, BevCanna signed a non-binding letter of intent (LoI) to partner with Global CBD operator company Mota Ventures.