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230701v2 <br />Memorandum of Understanding <br />This MEMORANDUM OF UNDERSTANDING (“MOU”) is made and entered into as <br />of the ___ day of _______________, 2024 by and between the CITY OF ELK RIVER, a <br />Minnesota municipal corporation (“City”) and the PAYPROTEC, a Delaware limited liability <br />company, 250 Stephenson Hwy, Troy, MI 48083 (“PPT”). <br />RECITALS <br />WHEREAS, the City has applied for merchant payment processing services through PPT, <br />and the parties have entered into a Merchant Processing Agreement, relating to the City’s <br />municipal liquor stores located at 13484 185th Ave. NW, Elk River, MN, 55330, and 19348 Evans <br />St. NW, Elk River, MN 55330 (collectively, the “Stores”); and <br />WHEREAS, the City has completed PPT’s CBD Attestation and High Risk Attestation; <br />and <br />WHEREAS, the City desires to sell hemp-derived cannabinoid products at the Stores as <br />allowed under Federal and Minnesota law; and <br />WHEREAS, the Parties wish to memorialize their collective understanding of the types of <br />products covered by and allowed under the CBD Attestation and High Risk Attestation. <br />NOW, THEREFORE, the City and PPT have reached the following understandings: <br />1. Purpose. The purpose of this MOU is to establish a mutual understanding of the parties’ <br />understanding. <br />2. Products. The City intends to sell products containing hemp-derived THC from the Stores, <br />as allowed under Minn. Stat. § 151.72 and Minn. Stat. Chapter 342, as amended (“Cannabinoid <br />Products”). Cannabinoid Products shall contain less than 0.3% dry weight of any <br />tetrahydrocannabinol. <br />3. Compliance with Law. The City shall ensure that all Cannabinoid Products sold from the <br />Stores shall comply with all relevant Minnesota laws and regulations. <br />4. Definition of “Ingestible CBD.” The term “ingestible CBD,” as used in the Merchant <br />Processing Applications, Merchant Processing Agreement, Attestations, and any other agreement, <br />attestation, or form containing terms of any agreement between the parties related to payment <br />processing, shall include Cannabinoid Products. It is expressly understood and agreed to by the <br />parties that the City may sell Cannabinoid Products from the Stores, subject to the general terms <br />and conditions of all agreements between the parties. <br />5. Representation of Authority. The undersigned executing this agreement represent and <br />warrant that they have been duly authorized to execute this agreement and that this agreement shall <br />bind it to the terms and obligations contained herein. <br />Page 55 of 254