Better Choice Company Announces Intention to Form an Animal Health & Wellness Joint Venture with cbdMD
February 10 2020 - 7:00AM
Business Wire
Better Choice Company, Inc. (OTCQB: BTTR) (the “Company” or
“Better Choice”), an animal health and wellness company, today
announced the execution of a non binding letter of intent to form a
joint venture (“JV”) with cbdMD, Inc. (NYSE American: YCBD, YCBD PR
A), a leading cannabidiol (CBD) consumer brand.
Subject to the negotiation and execution of definitive
agreements both parties intend to contribute certain CBD animal
health related assets, including brands, CBD supply, logistics,
service agreements, intellectual property, back office support and
other assets with the mutual goal of expanding their respective
hemp derived CBD pet brands, in exchange for 50% ownership in the
newly formed JV.
Initially, the JV will be focused on launching “Halo Hemp”,
“powered by cbdMD”, which will be manufactured by Better Choice
utilizing cbdMD’s CBD supply. Both parties will leverage their
sales teams, marketing capabilities, online presence, and
distribution channels to maximize the economies of scale of the
partnership.
“In a very short period of time, the team at cbdMD has built two
award-winning and market leading brands along with a comprehensive
CBD infrastructure. Better Choice’s entry into the hemp derived CBD
pet market, through our brands, including recently acquired Halo,
could be accelerated through a partnership with the cbdMD team. In
doing so, the to be formed JV will benefit by integrating our sales
capabilities into well-established distribution channels, which
includes major retailers. The CBD pet market is at the very early
stages and there is more than enough room for several brands to
become leaders the marketplace. In working together, we can
leverage each other’s strengths,” stated Michael Young, Chairman of
the Board of Better Choice.
“We are proud to have established a secure supply chain with
dedicated, 2018 Farm Bill compliant, hemp farms and extraction
facilities to ensure the highest quality and integrity of the raw
materials we use. Our staff of over 40 full time sales consultants
are rapidly growing our distribution channels. We are also in the
process of obtaining our NASC certification, which many larger
retailers in the pet industry require for product placement. We
believe this potential joint venture with Better Choice will help
accelerate our goal of big box retail deployment,” said Martin
Sumichrast, Chairman & Co-CEO of cbdMD, Inc.
About cbdMD, Inc.
cbdMD, Inc. is a nationally recognized consumer cannabidiol
(CBD) brand whose current products include CBD tinctures, CBD
gummies, CBD topicals, CBD bath bombs, and CBD pet products. cbdMD
is also a proud partner of Bellator MMA, Life Time, Inc., and
Supercross, and has one of the largest rosters of professional
sports athletes who are part of “Team cbdMD.” To learn more about
cbdMD and our comprehensive line of over 100 SKUs of U.S. produced,
THC-free* CBD products, please visit www.cbdmd.com, follow
cbdMD on Instagram and Facebook, or visit one of the
4,000 retail outlets that carry cbdMD products.
About Better Choice Company, Inc.
Better Choice Company, Inc ("BTTR") is a publicly traded animal
health and wellness company founded on the belief that good health
practices and nutrition contribute to, and promote, a higher
quality of life. The Company has built a portfolio of global animal
wellness brands, including TruPet, TruGold and Elvis Presley's
Hound Dog. BTTR's core product lines comprise ultra-premium,
all-natural pet food, treats and supplements, with a special focus
on freeze dried and dehydrated raw products. For more information,
please visit https://www.betterchoicecompany.com.
Forward Looking Statements
This press release contains forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of
1995. The words “believe,” “may,” “estimate,” “continue,”
“anticipate,” “intend,” “should,” “plan,” “could,” “target,”
“potential,” “is likely,” “will,” “expect” and similar expressions,
as they relate to us, are intended to identify forward-looking
statements. Better Choice has based these forward-looking
statements largely on our current expectations and projections
about future events and financial trends that we believe may affect
our financial condition, results of operations, business strategy
and financial needs. Some or all of the results anticipated by
these forward-looking statements may not be achieved, including but
not limited to our ability to negotiate definitive terms of the
joint venture, close the proposed joint venture, and in the event
we close the joint venture, the realization of any expected
benefits from such transaction. Further information on Better
Choice’s risk factors is contained in its filings with the
Securities and Exchange Commission. Any forward-looking statement
made by us herein speaks only as of the date on which it is made.
Factors or events that could cause our actual results to differ may
emerge from time to time, and it is not possible for us to predict
all of them. The Company undertakes no obligation to publicly
update any forward-looking statement, whether as a result of new
information, future developments or otherwise, except as may be
required by law.
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version on businesswire.com: https://www.businesswire.com/news/home/20200210005198/en/
Company Contact: Better Choice Company, Inc. Damian
Dalla-Longa, CEO Investor Contact: KCSA Strategic
Communications Valter Pinto, Managing Director 212-896-1254
BTTR@KCSA.com cbdMD, Inc. Investor Contact: John Weston
Director of Investor Relations john.weston@cbdmd.com 704-249-9515
cbdMD, Inc. PR: PR@cbdMD.com 1 (800) 973-3984
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