NEW YORK--(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.