Phivida Holdings Inc. announced that it has entered into a brand licensing agreement with Nova Paths, LLC to license Phivida's proprietary cannabidiol ("CBD") infused functional foods, beverages and clinical formulas. Key terms of the agreement include a non-exclusive license of Phivida's proprietary formulas and trademarks for manufacturing and distribution within the state of Oregon. In exchange, Nova Paths will provide Phivida with a brand licensing unit fee due on every unit sold within the OLCC marketplace. Next steps in the process of launching Phivida branded CBD products through the Nova Paths licensing agreement is to adjust Phivida's product labels for Oregon state compliance and to submit these adjusted labels to the OLCC for approval. Phivida intends to continue sourcing CBD hemp oil from state permitted hemp farms. The OLCC program was recently amended to include co-mingling of extracts from Oregon State Department of Agriculture permitted hemp farms.