Tidal Royalty Corp (CSE:RLTY, OTC:TDRYF) revealed that cannabis enthusiast and former National Basketball Association (NBA) player Al Harrington has joined its advisory board to help grow the business.
Tidal Royalty provides royalty financing to the regulated cannabis industry in the USA.
Since his retirement from professional basketball, Harrington has become a prolific entrepreneur in the cannabis industry and an outspoken proponent of cannabis legalization.
His name-sake company, The Harrington Group, is focused on promoting a healthier lifestyle and easing the suffering of its customers, noted Tidal.
The Harrington Group holds controlling interests in Viola Extracts (a top-selling national cannabis brand) and Harrington Wellness (a consumer health and wellness brand), and a non-controlling interest in Butter Baby (a leading producer of THC-infused butter.
The company said they were exploring opportunities between Tidal Royalty and The Harrington Group.
Mr Harrington first became aware of the medicinal benefits of cannabis after suffering complications from knee surgery during his NBA career.
He also introduced his 80-year old grandmother to cannabis to help treat her pain caused by glaucoma and diabetes. Viola Extracts is named for her.
"With The Harrington Group, I'm looking to develop reliable and safe products for both medical patients and casual enthusiasts," said Harrington on Wednesday.
"I met the Tidal Royalty executive team one year ago, and I was impressed by their experience, ability to innovate, and dedication to helping develop the regulated cannabis industry in the U.S. We've since developed a strong relationship and I am truly excited about the synergies between The Harrington Group of companies and Tidal Royalty."
It's been a busy month for the group so far. On September 6, it told investors it was set to provide US$5mln for a new cannabis manufacturing and distribution facility in Palm Desert, California.
Licensed operator, The Palm Desert Cannabis Company. is led by a seasoned management team with experience across cultivation, manufacturing and retail distribution.
The letter of intent means Tidal Royalty will provide the Palm Desert Cannabis Company with US$5mln for the buildout of the facility.
Palm Desert Cannabis Company will pay Tidal Royalty the equivalent of 10% of all net sales generated by operations in California initially and, once certain payments thresholds are met, 5% in perpetuity thereafter, along with 2mln share purchase options, representing around 5% of the share capital.
Shares in Tidal added over 8% to C$0.26 on the day.